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
