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

No active confirmed COVID-19 cases in Interior Health: BCCDC

Numbers from the BCCDC’s dashboard show 193 of the 195 COVID-19 cases in the region have recovered

RDEK urges residents to be prepared for emergencies including flooding, wildfire

The East Kootenay region has been placed on a high streamflow advisory

Hosmer Fire Department sends thank you to anonymous gift donor

A handmade wooden plaque was left in front of the Hosmer firehall on May 28

Castle Project seeking public input

The comment period surrounding the expansion closes on June 23

City seeks public input on new cannabis retail license

The application must first gather approval from city council before being approved by the province

22 new COVID-19 test-positives, one death following days of low case counts in B.C.

Health officials urged British Columbians to ‘stand together while staying apart’

New study is first full list of species that only exist in Canada

Almost 40 per cent of them are critically imperilled or imperilled and eight are already extinct

Angel Flight takes flight from Creston after being grounded by COVID-19

Angel Flight is a volunteer-run organization which gives people flights to doctors appointments

Nature Conservancy takes in more lands near Canal Flats

Badgers, bears and birds to benefit from bolstering bunchgrass conservation in Rocky Mountain Trench

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

Federal aid for care home systems needed ahead of second wave, advocates say

Ontario Long Term Care Association calling for more action

B.C. woman, 26, fatally shot by police in Edmundston, N.B.

Police were conducting a well-being check at the time of the incident

Horgan calls for national anti-racism program; will pitch idea to PM, premiers

Premier John Horgan said he’s horrified by the death of George Floyd in the United States

Most Read