By Pete McIntyre

Survey suggests 30 per cent of businesses have closed

Mar 25, 2020 | 5:05 AM

The Downtown Vernon Association continues its survey of Covid-19 impacts on its member businesses.

The group has received 50 responses so far with 38 per cent of those saying they have seen a drop in revenues.

Thirty (30) per cent have closed temporarily or indefinitely, while eight per cent are seeing an increase in demand for products and services.

“The DVA will be addressing these areas specifically in the coming days as well as working with local government to learn what stimulus will be available locally to downtown businesses,” said a DVA news release.

Of the 50 respondents to the DVA’s COVID-19 local impact survey:

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54% are businesses with 1-4 employees; 34% have been 5-9; and 8% have 20-49 employees
42% of the respondents are from the retail sector, 22% from healthcare & social assistance, 14% from accommodation and food service and 10% are from professional, scientific and technical
38 per cent have seen a drop in revenues with 6% having to cancel contracts;
have closed temporarily/indefinitely; 16% have asked employees to work from home; 8% are experiencing staff absences; and 8% are seeing an increase in demand for products and services

The top six areas that require government support are:

flexibility for tax remittances (eliminate late payment penalties);
enhance EI access or wage replacement for employees;
work with banks and lending officers to offer 0% loans, loan guarantees or lines of credit;
provide resources for employees that will be paid off;
general tax credits and cuts; provide payroll tax breaks Information and guides that are still needed: grants and supports for self-employed;
grants and supports for small business.

Previous story: Local businesses feeling anxious over COVID-19

by Pete McIntyre

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