COVID-19 Financial Relief and Support: STATS & FACTS

covid19statsfacts
During the past couple of months, we have seen the many financial support that were launched to help Canadians and Businesses survive the COVID-19 pandemic. Let us now take a look at some statistics and facts that may help us get an accurate picture of just how COVID-19 has affected our economy and our everyday lives.

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

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