By Troy Gillard

survey still open

Most Alberta businesses significantly impacted by COVID-19, low oil prices: survey

Apr 22, 2020 | 2:50 PM

Preliminary results from a two-week survey show a large majority of Alberta businesses have been significantly impacted by the COVID-19 pandemic, while nearly half have been hit hard by crashing oil prices.

The Alberta Chambers of Commerce (ACC), Economic Developers Alberta (EDA), and Community Futures Alberta say they received nearly 400 responses in the first week of their business impact survey on COVID-19 and low oil prices.

Ninety-one per cent of the respondents identified COVID-19 as negatively impacting their business and 75 per cent of respondents said the same for low oil prices.

“The survey results so far underscore the unique strain put on Alberta businesses by the combination of the COVID-19 pandemic and record-low oil prices,” says ACC President and CEO Ken Kobly. “They also provide valuable insights into potential benefits and shortcomings of government response measures as they stand.”

When asked specifically about economic response measures, nearly 90 per cent of survey respondents who have applied for deferrals do not expect to remain financially solvent if they have to repay deferred expenses in lump sums—a likely barrier to economic recovery. Businesses also underscored the importance of receiving funds in a timely manner to increase liquidity of the system as a whole.

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“The severity of Alberta’s current economic situation—and the challenges that lie ahead—cannot be understated,” says Kobly. “But through it all, we have seen countless examples of Alberta’s business community remaining innovative, collaborative, and community-minded. These actions are what make me most hopeful as we look to navigating Alberta’s economic future.”

The survey is open through Sunday, April 26. You can take part by clicking here.

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