ACC media release—April 20, 2020
For immediate release
Alberta businesses significantly impacted by COVID-19, low oil prices
EDMONTON — The Alberta Chambers of Commerce (ACC), Economic Developers Alberta (EDA), and Community Futures Alberta recently launched a business impact survey on COVID-19 and low oil prices. In one week, the survey garnered nearly 400 responses, with the majority of respondents representing the senior leader within their organization.

Preliminary responses show both COVID-19 and low oil prices are significantly impacting Alberta businesses, with 91 per cent of respondents identifying COVID-19 as negatively impacting their business and 75 per cent of respondents saying 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.
Q13: Please indicate what action your business has taken or the benefit/money received regarding the following COVID-19 business support measures.
"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 COVID-19 and low oil prices business impact survey is open for Alberta businesses to share their insights through Sunday, April 26. To share the survey, please copy and paste the link albertaperspectives.vision-critical.com/c/r/ab-covidimpactsurvey-2020-general rather than sharing your unique URL.

Following the current two-week survey, the ACC, Economic Developers Alberta, and Community Futures will continue to release focused two-week pulse surveys. For further information on preliminary survey results and upcoming surveys, please contact Jason Leslie at jleslie@abchamber.ca.

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For comment, please contact: 

Ken Kobly
President and CEO
Alberta Chambers of Commerce
(M) 780.975.1659
(P) 780.425.4180 Ext.5
kkobly@abchamber.ca

The Alberta Chambers of Commerce is a federation of 124 community-based chambers of commerce representing more than 25,000 job creators.


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