B.C. business groups warn revenues down 50-75% during COVID-19

Two-thirds of the businesses surveyed report revenues are down by at least 50 per cent

Business organizations across British Columbia say revenues have plunged among their members and that paints an “ominous picture” for the economy.

The BC Chamber of Commerce, Greater Vancouver Board of Trade and Business Council of British Columbia say of 1,900 businesses were surveyed, about half have seen revenues drop by 75 per cent or more.

Two-thirds of the businesses report revenues are down by at least 50 per cent.

A statement from the organizations says the data reveals what businesses and workers are experiencing now and what they expect to face in the future.

It says more than half of businesses contacted worry they will be insolvent or not have the fiscal capacity to restart their business.

Roughly the same number expect any economic rebound will be slow while just 14 per cent anticipate a speedy recovery.

Val Litwin, president and CEO of the BC Chamber of Commerce says governments are seeking solutions to help struggling businesses, but owners need immediate help.

“With these survey results entrepreneurs are sending a clear message to Ottawa and Victoria: they need enhanced supports now because time is running out,” Litwin says in the statement.

“Governments must focus on getting subsidies and credits to businesses quickly.”

The organizations say opinions among their members are divided about the effectiveness of announced government support, possibly because most funds have not yet started to flow.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Coronavirus

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

Just Posted

Woman charged in fatal accident back in court on June 2

Sara Rosetta Thomas faces six charges in 2018 incident

Heartfelt memories of Derek Descoteau four years later

Victim of Chemainus murder and his brother leave a huge impact on a large group of friends

City of Duncan, North Cowichan reopening municipal halls

North Cowichan’s municipal hall will reopen on June 15, but for tax payments only.

Chemainus family pledges $50,000 to Chemainus Theatre Crisis Relief Fund

Hilton family’s gift if fully matched will raise $100,000

CVRD testing Shawnigan water after complaints of metallic taste, odour

“This type of problem has come up a number of times in summers in the past”

Dr. Bonnie Henry given new name in B.C. First Nation ceremony: ‘one who is calm among us’

The provincial health officer was honoured in a May 22 ceremony at elementary school in Hazelton

Facing changes together: Your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

B.C. visitor centres get help with COVID-19 prevention measures

Destination B.C. gearing up for local, in-province tourism

28 soldiers test positive for COVID-19 after working in Ontario care homes

Nearly 1,700 military members are working in long-term care homes overwhelmed by COVID-19

B.C. poison control sees spike in adults, children accidentally ingesting hand sanitizer

Hand sanitizer sales and usage have gone up sharply amid COVID-19 pandemic

Royal B.C. Museum reopens in phases, some galleries remain closed to start summer

Victoria museum and archives open first galleries June 19

B.C. man with Alberta plates gets car keyed and aggressive note

Some out-of-province people are finding hostile reception due to COVID-19 worries

Most Read