In keeping with a survey by Kelowna, 50% of companies are briefly closing resulting from a coronavirus pandemic

According to a survey by the Kelowna Chamber of Commerce, businesses in the central Okanagan are facing disastrous times.

On Friday, the chamber published the survey regarding the novel coronavirus pandemic and its impact on local businesses.

With almost 8,000 participating companies, the chamber said: “The data paints a terrible picture of what companies are experiencing now and what they expect in the near future.”

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According to the survey:

• 90 percent of companies are currently affected by COVID-19.
• Of those affected, 83 percent see a decline in sales, business or deal flow.
• 91 percent expect a further decline in sales in the short term.
• 73 percent of companies expect their sales to drop by 50 percent or more. Almost a quarter say sales will drop by 100 percent.
• Half of the respondents say they are closing their offices temporarily.
• 64 percent of those surveyed assume that they will reduce their number of employees by more than half. A quarter say they will reduce their workforce by 100 percent.

“Public health must be the primary concern in the early days of the pandemic,” said Jeffrey Robinson, acting president of the Kelowna Chamber of Commerce.

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“We commend the federal and state governments for prioritizing the health and safety of their citizens. We were also reassured that the government is strategically and thoughtfully looking for ways to mitigate the impact on businesses of all sizes and is working tirelessly to mitigate the economic impact on British Columbians. “

The board said the survey found self-employed and / or contract workers were seriously concerned about their ineligibility for employment insurance.

The board added that the tourism and peripheral industries fear being particularly hard hit and that some respondents have already seen 90 percent of booking cancellations.

The survey also made recommendations that government agencies could make to ease financial pressures on businesses.

• Offer flexibility for tax transfer.
• Extend the tax deadline to April 30th.
• Offer 6 to 12 months of vacation if you pay employer’s health tax.
• Remove the PST for six months on any transaction or select purchases.
• Work with local authorities so companies can defer paying property taxes.
• Encourage financial institutions to provide interest-free loans, lines of credit, and deferred payments.
• Improved EI access and wage replacement options.
• Providing funding to companies that want to work remotely.

“Small Business BC stands together with our community of entrepreneurs and their employees at this difficult time,” said Tom Conway, CEO of Small Business BC, in the survey.

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“We will continue to advocate for the government and communities across British Columbia on their behalf. Against the challenging backdrop of COVID-19, we must do all we can to maintain its vital contribution to the provincial economy. “

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