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Half of all Manitoba businesses facing significant financial strain: chamber of commerce
WINNIPEG -- According to a survey done by the Manitoba Chamber of Commerce, half of all Manitoba businesses are facing significant financial strain due to the COVID-19 pandemic.
Of the almost 700 businesses surveyed, 30 per cent of them feel COVID-19 will put them out of business.
Overall, the survey shows smaller businesses are more concerned about how the pandemic will affect them.
The results also show that restaurants feel they are most affected.
"Company leaders are understandably concerned about the spread of the virus and its effect on their business and we encourage you stay connected and informed as you conduct your business affairs and planning for the next several months," said Chuck Davidson, the president and CRO of the chamber in the survey report.
Davidson's statement goes on to say, "During this time, it's critical that we understand the economic impacts and operational complications you are already experiencing or anticipate in the weeks and months ahead, and how government and industry associations can support your business in both the short and long term."
Two-thirds of businesses surveyed said access to emergency financial supports and provincial and federal tax relief would be beneficial.
So far, Prime Minister Justin Trudeau has increased the wage subsidy for small- and medium-sized businesses to 75 per cent, up from the 10 per cent he previously promised.
The federal government is also launching a special emergency business account for small businesses that will see banks offer government-guaranteed loans interest-free for the first year.
The Manitoba Chamber of Commerce said it is passing its survey results over to the government to help inform current and future COVID-19 business support measures
The full results of the survey can be found here.