March 2020 started innocently enough with the potential impact of Covid-19 only starting to be contemplated, while in hindsight it will go down in infamy as the month that gave rise to one of the largest health related economic shocks in modern history.
The economic impact of government-imposed sanctions implemented to slow the spread of the disease was immediate and enduring:
- More than 30% of large corporations reported revenue declines of at least 20%*
- More than 35% of mid-market companies reported revenue declines of at least 20%*
- More than 50% of small businesses reported revenue declines of at least 20%*
- 37% of all business across Canada report they are losing money every day that they are open**