Tag: bc coronavirus

The economic impact of the COVID-19 pandemic continues to devastate businesses across B.C.

A recent poll found that in the last two weeks alone, approximately half of the 1,900 employers surveyed saw revenue decreases of 75 per cent or more, while two-thirds recorded declines of 50 per cent or more.

“There’s no doubt governments want to find the right solution for businesses, but our members are saying, ‘time is of the essence,’” said Val Litwin, CEO of the BC Chamber of Commerce, which, along with BC Business Council and the Greater Vancouver Board of Trade, commissioned what is to be a series of bi-weekly “pulse checks” on the business community.

Nearly one-third of businesses are planning to cancel contracts, or have had contracts or tenders cancelled, the survey found.

“Each passing day represents a critical juncture for many employers, as they are making difficult decisions and waiting for government support to arrive,” Greater Vancouver Board of Trade CEO Bridgitte Anderson said.

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“We need a bridge to the other side of this crisis that will help to hasten the economic recovery when the public health emergency subsides.”

More than 50 per cent of the survey respondents said they’re worried they won’t be able to pay off debts or that they won’t financially be able to restart once the pandemic ends.

About a quarter of respondents said they’re looking at shifting to online, digital, or e-commerce options, or have moved there already.

In releasing the survey results, the business advocacy groups listed their top recommendations to government, including providing direct payments to affected businesses; an immediate reduction in rates for employment insurance, company taxes, personal tax, GST, other government imposed levies or charges; and a further reduction of tax rates and defer payments for both B.C. businesses and homes.

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The B.C. government is offering bill relief for residential BC Hydro customers affected by the COVID-19 crisis.

Qualifying households will receive a credit of three times their average monthly bill over the past year to help cover their electricity costs. The credit does not have to be repaid.

“We are facing unprecedented challenges due to COVID-19. People are out of work, and businesses are facing tough choices about whether they can stay open,” Premier John Horgan said.

“Giving people relief on their power bills lets them focus on the essentials, while helping businesses and encouraging critical industry to keep operating.”

Small businesses forced to close under the pandemic will have their bills forgiven for three months: April, May and June.

Major industries, like pulp mills and mines, will be able to defer 50 per cent of their bill payments for three months.

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The average residential customer’s bill is $159 per month, so the average credit provided will be $477. Some customers will also be eligible for BC Hydro’s existing Customer Crisis Fund, which provides access to grants of up to $600 to pay their bills.

The utility reminded the public on Wednesday about a one-per-cent rate cut for all customers, following interim approval by the BC Utilities Commission.

That’s an average savings of $16 a year for residential users, $715 for commercial customers, and $230,000 for industrial users.

BC Hydro has seen an uptick in residential power use over the past few weeks, as more people shift to working from home to prevent the spread of the virus.

The residential electricity load in the last two weeks of March was up about nine per cent, compared to the same period last year.

Staff have seen evidence of power use peaking later in the morning, likely due to some residents not having to wake up as early, or at all, for school or work, as well as an earlier evening peak, possibly because of people cooking dinner earlier because they do not have to commute home.

The Crown corporation also updated its projected rate changes for the next three years. For now, it’s forecasting a 2.7-per-cent increase in April 2021, a 0.3-per-cent decrease in 2022, and a three-per-cent increase in 2023.

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