After months of restrictions, the COVID-19 curve has finally started to flatten in Canada. For many small businesses this is welcome news, but the economic effects of the novel coronavirus continue to impact them in different ways. We surveyed Canadian small businesses to better understand what exactly those impacts are.
Are most businesses open or closed?
- 42% of SMBs are closed and non-operational
- 31% are at risk of closing permanently
- 93% have experienced a decline in revenue (50% of experienced a decline of over 75%)
Have the government relief programs helped?
- 79% of SMBs applied for financial various support programs offered by the government
- 78% of SMBs who applied for relief qualified to receive it
- 55% had positive experience according to their feedback
How are SMBs innovating to survive?
- 34% are now offering pickup or delivery services
- 29% are now taking phone orders
- 23% are now taking online orders
- 15% are now offering a new service or product
- 63% do not currently have a website but 32% plan on creating one
The amount of information out there related to COVID-19 support while helpful, can be overwhelming. We compiled the available resources on COVID-19 relief for Canadian small businesses at the provincial level and at the federal level so you don’t have to. You can also learn about what Journey Capital is doing to help small businesses during these trying times by visiting our resource center.