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Regional Stats On COVID-19 Financial/Business Impact

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A sobering picture has been painted on the financial impact COVID-19 has had on small businesses and organizations in the Kenora and Rainy River Districts.

87 responses were received in the Northwest Training and Adjustment Board survey. (46% Private. 31% Not for Profit. 23% Public)

Here are some of the findings:
-43% “This is going to significantly impact our finances”
-25% “This could put us out of business”
-22% “This impacts us financially, but we are confident we can weather the storm”
-9% “No impact”

A question was also asked on estimated financial losses since the beginning of the coronavirus:
-39% Loss of $20,000 to $50,000
-34% Less than $20,000
-16% Loss of $100,000 or more
-11% Loss of $50,000 to $100,000

Question: Number of lay-offs following the release of the list of essential services on March 26th:
48 Full-time
33 Part-time
27 Seasonal
23 Contract

Other findings from the NTAB Survey:
-50% “We’re working remotely and continuing operations”
-34% “We closed temporarily”
-30% “We reduced hours, staff and business operations”
-5% “No impact”
-1% “We closed permanently”

Question: If you are continuing your business operations, how have you adjusted:
-51% “Our storefront is closed but we offer our products and services online”
-50% “Our storefront is closed but we offer our products and services by telephone”
-24% “Our storefront is operating with reduced hours”
-14% “Unable to continue operating our business”

Question: What additional impact or measures have you experienced”
-70% “We are having to restrict spending because of uncertainty”
-70% “We have increased cleaning and sanitation in our office/facilities”
-62% “Decrease in sales (or donations if non-profit)”
-34% “Our supply chain is interrupted”
-32% “We’ve had contracts cancelled”
-22% “We’ve had to cancel contracts”
-17% “We’ve had to cancel fundraising events”
-17% “We have increased cleaning and sanitation in our office/facilities”

Question: What have you tried to accommodate the impact of COVID-19 on your workforce:
-57% “We educate our employees as to the symptoms and risks associated with the virus, as well as prevention measures”
-53% “We’ve informed employees of the government assistance programs”
-35% “We’ve required employees to work from home”
-29% “We’ve closed our business/organization temporarily and not paying employees during closure”
-21% “We staggered work hours for employees
-14% “We continue to pay wages to employees that are off work for quarantine or illness”
-3%: “We are asking employees to use vacation, sick or personal days during the crisis, and deferring layoffs”

Who answered the Survey:
-Agriculture, Forestry, Fishing and Hunting: 7
-Mining, Quarrying or Oil & Gas Extraction: 2
-Utilities: 2
-Construction: 5
-Manufacturing: 3
-Wholesale Trade: 1
-Retail Trade: 21
-Transportation & Warehousing: 4
-Information & Cultural Industries: 3
-Finance & Insurance: 2
-Real Estate & Rental & Leasing: 1
-Professional, Scientific & Technical Services: 5
-Management of Companies & Enterprises: 0
-Admin & Support, Waste Management & Remediation Services: 1
-Educational Services: 9
-Healthcare and Social Assistance: 19
-Arts, Entertainment & Recreation 10
-Accommodation & Food Services: 8
-Public Administration: 2
-Other Services (except Public Administration): 19

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FedNor Budget Going To Be Doubled

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Some help for small businesses impacted by the COVID-19 pandemic.

Federal Minister responsible for FedNor Melanie Joly says the budget for the regional economic development fund is being doubled.

She says the money is for any business that doesn’t qualify for existing subsidies.

In all, the Canadian government is making $962 million available to regional economic development agencies, including FedNor.

Joly says details of the program will be unveiled in the next few days and she promises the money will flow to local businesses very quickly.

She notes the government realizes that some business owners are falling through the cracks.

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More Federal Support For Businesses

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Businesses and entrepreneurs will be able to take advantage of Canada’s Emergency Wage Subsidy program starting on Monday.

Prime Minister Justin Trudeau says the fund is for small and large businesses and there is no minimum employee requirement.

Qualifying employers will be able to access up to $847, per employee, each week, to keep them on the payroll.

Trudeau says the federal program helps retain workers and ensures they have a job to return to once the economy recovers from the COVID-19 pandemic.

Meantime, Trudeau notes the government has launched a new calculator on the Canadian Revenue Agency website so businesses can determine the amount they can expect to claim through the wage subsidy.

Once approved, the Prime Minister stresses it’s their goal to have the money in the hands of bushiness as soon as possible but wasn’t able to provide an exact date.

 

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Manufacturers Supply Masks, Equipment

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Businesses and innovators have been answering the call to make supplies to fight COVID-19.

The province has received over 14,000 offers of help since it set up a web portal on March 21 to appeal to manufacturers.

It got supplies from around half of those, totalling 5.1 million gloves, 20 million masks, 250,000 face shields, and 50,000 units of clip-on hand sanitizer for OPP officers.

However, Premier Doug Ford says more supplies are needed.

The province has also been issuing challenges to the business community through its web portal, recently calling for ideas to support remote learning.

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Tips To Keep Businesses Safe

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The Dryden Police Service is out with some tips to help shuttered businesses stay safe during the COVID-19 shutdown.

Non-essential businesses in Ontario are closed to help stop the spread of the coronavirus

Dryden Police suggest the following:

-Remove all valuables from storefront to help reduce smash-and-grab thefts;
-Remove all valuables such as cash from the till and leave it open. Place cash tray in plain view on the counter to signal there’s no money in the till;
-Remove signage from front windows so police can see the inside unobstructed during patrols;
-Consider installing an alarm monitoring system. If you already have one, ensure the contact list is up-to-date;
-Clearly post signage on the door/window to indicate that the premises are monitored by an alarm company; that no money is kept on the premises and contact information for police and the business owner in case a member of the public sees damage to the property or suspicious activity;
-If the premises are closed for an extended period of time, clean all glass surfaces and create a tracking log of when cleaning was completed. This may help investigators with suspect fingerprints in the event of a break-in;
-Consider installing a surveillance camera system that can be monitored online by owner/management;
Consider using a laminate on all windows and glass doors to prevent the glass from being broken from blunt force. Although damage to glass will occur in a break-in attempt, it will greatly discourage or prevent entry;
-Install latch guards on doors to protect against prying including on secondary doors such as employee and loading entrances;
-Keep some lighting on inside for surveillance opportunities during the evening;
-Ensure all doors are properly secured and regularly check all exterior lighting is functioning; and
-Remove material around the exterior of the property that may be used to gain entry into the premises such as bricks, metal poles and construction materials