The second wave of the Canadian Survey on Business Conditions has been released and shows new insights into how businesses are dealing with Covid-19.
This wave of data shows that businesses are beginning to adapt to a new “paradoxical” phase of the pandemic. Businesses have to reopen because they can no longer afford to stay closed but are now struggling to pay pre-Covid level costs with significantly reduced revenue.
The survey has revealed that 22 per cent of businesses have been able to access the Canadian Emergency Wage Subsidy, of those, half reported the program allowed them to hire back 30 per cent of their work force. Another quarter of those that could access the subsidy reported being able to bring back all of their workers. Looking forward only 65 per cent of the businesses expect their staffing levels to remain the same after three months.
Rent relief also still remains a major issue as only a quarter of businesses reported the benefit of having rent relief. Lastly, roughly one-fifth of businesses are experiencing difficulty in obtaining PPE. The data demonstrates that businesses and government are having to adapt and that this is a new phase to the reopening.
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