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About 25% of Metro Vancouver companies don’t expect to survive past a year in current economy: poll

Click to play video: 'B.C. businesses still struggling to survive during COVID-19'
B.C. businesses still struggling to survive during COVID-19
WATCH: The Greater Vancouver Board of Trade's Bridgitte Anderson gives an update on how businesses are faring, and if they will be able to weather the pandemic storm. – Oct 6, 2020

A quarter of Greater Vancouver businesses do not expect to survive more than 12 months under current economic conditions, according to a survey by the Greater Vancouver Board of Trade.

Businesses that manage to hold on, meanwhile, will face a dramatically different economic landscape, according to respondents.

According to the survey, only 40 per cent of businesses expect to return to regular operations in the wake of the COVID-19 pandemic.

When asked to name their most significant concerns, 17 per cent cited layoffs while another 17 per cent reduced employee hours. Twenty-six per cent cited limited capacity.

Click to play video: 'BC Liberals set to unveil pandemic support for small businesses'
BC Liberals set to unveil pandemic support for small businesses

Sixty-nine per cent said economic recovery was the key issue in this month’s provincial election.

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Business owners want a clearer picture of immediate plans to support the economy, as well as a long-term vision of the B.C. economy, the GVBOT said in a statement.

The results of the survey were presented to the leaders of B.C.’s three main parties at a board event on Thursday.

Earlier in the day, BC Liberal Leader Andrew Wilkinson said if elected he will eliminate a two-per-cent small business income tax.

Click to play video: 'B.C. bar and restaurant owners say mandatory 10 p.m. shutdown rule is seriously hurting business'
B.C. bar and restaurant owners say mandatory 10 p.m. shutdown rule is seriously hurting business

Wilkinson also promised to create a loan-guarantee program for the province’s more than 19,000 tourism and hospitality companies to help them pay fixed costs, given a downturn in business due to the pandemic.

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On Thursday, NDP Leader John Horgan promised to complete a SkyTrain route from Surrey to Langley if re-elected.

He said the route would help bring jobs to people in the construction industry and lead to more infrastructure growth.

The project would cost an estimated $3.1 billion.

— With files from Richard Zussman

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