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. “Information from more than 13,000 businesses has been compiled, based on region, sector, business type, ownership, and more” (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)