Statistics Canada will release its survey on the impact of COVID-19 on businesses in Canada on July 14, 2020. (Photo by THE CANADIAN PRESS)

One in five businesses face tough choices if COVID-19 lasts more than six months

Surevey results come as many businesses are looking at government programs or credit to remain afloat

A survey by Statistics Canada suggests that almost one in five businesses will look to further staffing cuts, bankruptcy or closing their doors if present COVID-19 conditions last for six months or more.

According to the survey released on Tuesday, 19.3 per cent of businesses could operate at their current level of sales and spending for less than six months but would have to take additional action if it lasts for a longer duration. Nearly 35 per cent of hotels and restaurants only have the runway for six more months of lockdown measures, says the survey conducted May 29 to July 3.

The results come as many businesses are looking at government programs or credit to remain afloat.

Almost 64 per cent of survey respondents said they were approved for outside credit or government funding programs such as Canada Emergency Business Account loans or wage subsidies. Less than 24 per cent of businesses said in the survey that their rent or mortgage payments were deferred during the pandemic.

While working from home has increased during the pandemic, only about a quarter of survey respondents indicated they would likely offer teleworking as an option going forward after COVID-19 spread is contained.

The version released on Tuesday was a follow-up to a crowd-sourced questionnaire on the Statistics Canada website, a collaboration launched in April, with the Canadian Chamber of Commerce, that surveyed 12,600 businesses. The sample was not designed to reflect the overall Canadian economy.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Coronavirus

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The much-awaited Splash Park opens in Burns Lake

The Splash Park at the Radley Beach Park is finally open for… Continue reading

Brucejack mine fatality identified

Patrick Critch was from Newfoundland

Granisle receives $4.3 million funding for Wastewater Treatment plant upgrade

The village will finally get to upgrade the 49 years old plant

Spirit North Burns Lake conducting canoe, paddle board camp for indigenous kids

Rachelle van Zanten, the Community Program Director for the Burns Lake area… Continue reading

Canada to match donations to Lebanon relief

Canada is directing all of its aid for this crisis directly to humanitarian organizations, not the Lebanese government

$45K in donations received after couple’s sudden death in Tulameen

Sarah MacDermid, 31, and Casey Bussiere, 37, died August long weekend

Famous Yukon-based bhangra dancer brings movements of joy to Long Beach

Infamous dancer is exploring Vancouver Island, visiting the B.C. Legislature and other destinations

Battle of Fairy Creek: blockade launched to save Vancouver Island old-growth

‘Forest Defenders’ occupy road to prevent logging company from reaching Port Renfrew-area watershed

COVID-19 could mean curtains for film and TV extras

Background performers worry they’re being replaced by mannequins on film and TV sets

Laid-off B.C. hotel workers begin hunger strike demanding job protection

Laid-off workers not sure what they’ll do when government support programs end

‘Huckleberry’ the bear killed after B.C. residents admit to leaving garbage out for videos

North Shore Black Bear Society said it was local residents who created a ‘death sentence’ for bear

Researchers find cannabis use in pregnancy linked to greater risk of autism

Researchers caution findings only show association — not cause and effect

Small Manitoba town mourning after well-liked teens killed by tornado

Melita residents feeling profound grief after the deaths of Shayna Barnesky and Carter Tilbury

Most Read