Montréal, March 31, 2020 – The Chamber of Commerce of Metropolitan Montreal has released the highlights of its second survey about COVID-19, intended to assess the financial impact of the crisis and the effect of restrictions announced by the Government of Quebec – i.e., closing all stores and businesses that offer non-essential services until April 13.
The survey, which had 739 respondents, showed that entrepreneurial confidence in Canada’s economic outlook has collapsed since the last Chamber survey on this question, in August 2019. While at the time barely 14% of respondents reported having little or very little confidence about the next twelve months, 66% of respondents now report having little or very little confidence in Canada’s economic prospects. The crisis and the slowdown are having major repercussions on businesses that responded, while 91% of them reported a suspension of or slowdown in their activities.
The survey revealed that 23% of respondents are in businesses that have closed their doors because of the government’s decision to require the suspension of non-essential economic activities. Almost half of respondents (46.7%) have managed to maintain their activities through remote working and e-commerce. A large proportion of businesses surveyed noted a significant drop in revenue: 39% of respondents reported revenue losses of over 60%.
Other highlights:
- 91% of respondents had to suspend or slow their company’s activities because of the crisis and the economic slowdown;
- 37% of respondents believed they could keep their business operating and avoid a definitive closure within a time horizon of under 3 months;
- 83% of respondents were in favour of expanding wage subsidies for businesses as of March 27, before the Government of Canada’s decision to increase the subsidy level to 75%.
The Chamber of Commerce of Metropolitan Montreal will continue to regularly survey members of its network over the next few weeks.
About the survey
The Chamber of Commerce of Metropolitan Montreal conducted the online survey of its members and its network from March 24 to 27. The survey was designed to assess the financial impact of the crisis and the effect of restrictions announced by the Government of Quebec on businesses. There were a total of 739 responses. Governments announced a number of aid measures after the data collection period. The results of the survey must be interpreted in light of this information.
About the Chamber of Commerce of Metropolitan Montreal (CCMM)
With a network of over 8,000 members, the CCMM is active on two fronts: being the voice of the Montréal business community and delivering specialized services to businesses and their representatives. With its finger on the pulse of current events, it acts on issues that are decisive for the prosperity of the city’s businesses. With the support of the Acclr experts, the CCMM’s goal is to accelerate the creation and growth of businesses of all sizes, at home and around the world.
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Source:
Julie Serero
Advisor, Media Relations
Chamber of Commerce of Metropolitan Montreal
Tel.: 514 871-4000, ext. 4042
jserero@ccmm.ca
Facebook: www.facebook.com/chambremontreal
Twitter: @chambremontreal
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