As the Canadian Chamber of Commerce and the Retail Council of Canada joined hands, an in-depth business survey was released. In this survey, businesses from across the country provided the specific effects of business after the global pandemic– including pre-conditions, current, and future statuses. ā€œInformation from more than 13,000 businesses has been compiled, based on region, sector, business type, ownership, and moreā€ (retailcouncil, 2020).

According to an article based on the Retail Council of Canada, 51.1% of businesses did not have enough of a cash buffer to operate longer than 90 days without a source of revenue post-COVID-19. 80.9% experienced a medium to high drop in demand for services and products. 53.5% experienced a 2020 Q1 decrease in revenue of over 20% compared to Q1 revenue in 2019. Over 40% have laid off their staff. And only 32.1% say they could remain open longer than 6 months while social distancing and a lockdown is put in effect.

However, this pandemic has made dozens, if not hundreds, of businesses, turn over a new leaf and start anew

Figure 12.

Bank of Canada wants its old money back - iPolitics

Canadian currency (Google images, 2020)