M. Claridge, C. M. The Brinton Lodge in Douglassville, Pennsylvania is locally famous as a reputedly haunted house. The original structure, built in the early 1700s, was a one room building which was operated as a tavern/roadhouse stop along the Schuylkill River Canal System. It was later expanded into a summer home, then remodeled into a gentlemen’s club, and today is operated as a bar and restaurant.
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More than 40 per cent of Canadian businesses have laid off staff and 38 per cent have reduced staff hours or shifts as a result of the coronavirus induced economic shutdown, according to a new survey by Statistics Canada and the Canadian Chamber of Commerce.The survey of more than 13,000 businesses conducted between April 13 and April 24 also found that a whopping 80 per cent of businesses experienced a to high drop in demand for their products or services and more than 50 per cent of businesses experienced a decrease in revenue of over 20 per cent in the first quarter of 2020, compared to the same time frame a year ago.The numbers that we released today show that many businesses are approaching the threshold where they might have to permanently shut down if social distancing persistsTrevin Stratton, chief economist at the Canadian Chamber of Commerce”When this crisis started, one of the biggest challenges for many businesses was liquidity,” said Trevin Stratton, chief economist at the Canadian Chamber of Commerce. “The numbers that we released today show that many businesses are approaching the threshold where they might have to permanently shut down if social distancing persists.”Revenues slid as much as 20 per cent at 18 per cent of businesses, while 10 per cent reported a revenue increase and 14 per cent indicated there was no change.Mass layoffs appeared to be concentrated in the accommodation and food services sector, with close to 70 per cent of those businesses reporting layoffs of 80 per cent or more of their workforce. Overall, 45 per cent of businesses that laid off employees reduced their headcount by 80 per cent or more.”Today’s results will provide an accurate picture of true impacts of the COVID 19 pandemic on the Canadian economy and will enable the best decisions at public and private sector tables across the country,” said Anil Arora, chief statistician of Canada.Stratton said the Canadian Emergency Wage Subsidy (CEWS) program, which began accepting applications on Monday, and other federal and provincial loans for businesses could help mitigate further revenue declines, but there are businesses that have fallen through the cracks and are not eligible for any kind of income support.”This data illustrates how important it is for federal support to be issued quickly,” he said.After the Great Lockdown, don expect a Grand Reopening as Canadians return to work next monthOpinion: To reopen the economy, put curbs on the CERBReopening the economy will require changes in behaviour, Ed Sonshine saysMore than 10,000 businesses submitted applications for CEWS on the first day the program opened, according to federal government data.Going into the crisis, 42 per cent of businesses surveyed said they could not operate for more than 60 days without revenue, while 51 per cent said they had a 90 day cash buffer to remain in business without any source of revenue.There are still dark clouds hanging over Canadian small businesses, but it seems one or two may have lifted this monthBrian DePratto, senior economist at TD EconomicsConversations about reopening the economy have begun in various regions, but only 32 per cent of businesses surveyed said they could remain open longer than six months amid social distancing protocols, while an additional 50 per cent said they would not be able to remain open for longer than six months, illustrating the likelihood of a prolonged economic recession while governments attempt to restart their economies in phases..