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

COVID-19: New air carrier sought for Qualicum Beach Airport

Island Express Air ends operation due to pandemic

Parksville rider to join alumni for modified Tour de Rock

Roberts pleased to again be involved in Canadian Cancer Society’s Cops for Cancer event

Qualicum Beach roundabout project would cost nearly $2M

Town to apply for funds to cover $1.79M of the total

Protesters in Parksville demand change to current B.C. forest practices

Approximately 50 people march along Island Highway

Town of Qualicum Beach defers discussions with preservation society regarding wetlands

CAO says registered covenant will protect land in perpetuity

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Ferry riders say lower fares are what’s most needed to improve service

Provincial government announces findings of public engagement process

Woodgrove Centre posts plans to make masks and temperature checks mandatory

Nanaimo mall advises in letter to customers that rules will come into effect Monday, Sept. 21

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Motor home burns up at north Nanaimo intersection

No one hurt in incident Friday morning at old Island Highway, Rutherford Road and Mostar Road

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

Nanaimo residents ticketed for putting garbage bins out early

Conservation officers say they issued seven tickets this week, as concerns about bears increase

Most Read