Businesses facing tough decision to reopen: survey

Businesses across Canada are facing a difficult decision as they can’t afford to stay closed but are struggling with reduced revenue that doesn’t cover expenses. The paradox is reflected in the results of a survey released yesterday by Statistics Canada and the Canadian Chamber of Commerce.
 
Getting through this difficult phase will be critical for the economy and requires businesses to overcome three key challenges.

1. Employers need to have their workers on the job. So far, only 22% of businesses have accessed the Canadian Emergency Wage Subsidy. It’s clear that government needs to make this program more accessible.
2. Commercial rent relief needs to be improved. Only 25% of businesses reported they have been able to get relief from rent or mortgage payments.
3. Safety requirements remain a priority and require businesses to be able to source personal protective equipment — especially sectors that require physical proximity, such as retail, events, hotels and food services.

 
To help our members learn more about how they can benefit from the wage subsidy program, as well as its tax implications, Chamber CEO Bruce Williams is hosting Matthew Hohnsbehn, Liaison Officer at the Canada Revenue Agency, and Kris Wirk, Partner, at Dusanj & Wirk Chartered Professional Accountants, on Aug. 11.