Coronavirus: 61% of Toronto businesses would close down in 3 months, survey says
A survey that looked at businesses in Toronto found that 61 per cent will not survive over the next three months, without much needed rent relief, due to the economic effects of the COVID-19 pandemic.
It also said that 76 per cent of businesses would close down for good within five months.
The survey, conducted by Broadview-Danforth BIA – on behalf of dozens of Toronto BIAs, surveyed 561 small business tenants and 137 landlords across the city.
According to tenants in the survey, 50 per cent of businesses could not make April’s rent, and 72 per cent of businesses feel they will not make all of May’s rent.
Meanwhile, landlords in the survey indicated that 74 per cent of them did not receive all of April’s rent, and 82 per cent of landlords feel they will not receive all of May’s rent either.