COVID-19 Financial Relief and Support: STATS & FACTS
Impact of COVID-19 on Canadian Businesses
Statistics Canada conducted a survey from April 3-24, 2020. Representatives from more than 12,600 businesses participated in this survey. Here are the findings:
Nearly 1/3 of businesses who responded to the survey reported a 40% decrease in revenue from the first quarter of 2020 compared to the same quarter in 2019.
- Over half of businesses in Alberta (57.7%), Ontario (56.3%), British Columbia (54.8%). Newfoundland and Labrador (53.5) and Saskatchewan (52.8%) saw declines of 20% or more in revenue.
- 1.3 million Canadians were away from work due to COVID-19 and 2.1 million people worked reduced hours (March 2020 Labour Force Survey)
- 38.1% of businesses reduced staff hours and shifts while 40.5% of businesses reported that they laid off staff and 18.3% of businesses laid off 80% or more of their workforce.
Canada Emergency Response Benefit (CERB):
- Total applications processed as of June 7, 2020 is 15.55M with a total dollar value of CERB benefits pad is $44.64B.
Credit Card and Mortgage Deferral:
- As of June 3, 2020, more than 425,000 credit card deferral requests are in process or have been completed by 8 banks.
- As of June 3, 2020, 13 banks have provided mortgage deferrals or skip a payment to more than 724,000 Canadians or about 15% of the number of mortgages in bank portfolios.
Canada Emergency Business Account (CEBA):
- As of May 21, 2020, more than 621,000 CEBA loans have been approved by financial institutions amounting to $24.8 billion in interest-free credit for eligible businesses.
Canada Emergency Wage Subsidy (CEWS):
- As of June 1, 2020, there have been 322,905 approved applications amounting to $9.36 billion in subsidies paid.
Canada Emergency Student Benefit (CESB):
- Total approved applications as of June 4, 2020 is 522,085 amounting to $713 million CESB paid.
Sources: https://www150.statcan.gc.ca/n1/daily-quotidien/200429/dq200429a-eng.htm, https://www.canada.ca/en/revenue-agency/services/subsidy/emergency-wage-subsidy/cews-statistics.html, https://www.canada.ca/en/revenue-agency/services/benefits/emergency-student-benefit/cesb-statistics.html, https://cba.ca/canadian-banks-are-standing-by-canadians