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New report takes first look at COVID impact on businesses

The survey shows most local businesses do not have the means or money to survive without any support during the pandemic.
MVT stock business

A majority of Canadian businesses (51.1 per cent) say they could not operate longer than 90 days without a source of revenue during the pandemic.

That's according to a new survey by Statistics Canada and Chamber of Commerce.

It shows only about 10.5 per cent of Canadian businesses have seen a boost in sales during the pandemic.

President of the Greater KW Chamber of Commerce, Ian McLean, says Waterloo Region has unique qualities that will help our local businesses survive.

"Frankly we have a diversity of business sectors in operation here. That means we don't have all our eggs in one basket. We are huge into agriculture and food processing, obviously technology, education, healthcare, med tech."

He says most local businesses do not have the means or money to survive without any support during the pandemic.

"This is like a patient on a table and they're bleeding out or having a health emergency and we need to save the patient in terms of the economy, or those businesses. We need to support them so they can get to the recovery stage of this issue."

McLean says the government has provided local businesses with an impressive amount of support.

"They've got the loan program, they've got the wage assistance program, they've got the rent program, but they all have to be modified to be made more inclusive. And frankly, we've already got to start to look at it and say 'they probably need to be extended for another three months or so.' This is not going to be done by the end of June. It's probably going to last through the summer."

You can read the full report online.




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