EDMONTON -- COVID-19 has been reported the greater challenge of simultaneous blows to the Alberta economy — but not by much. 

Ninety per cent of businesses surveyed for a report to the Alberta Chambers of Commerce are seeing negative impact from the pandemic: nearly half of those hurt by COVID-19 have used up their cash reserves, and 37 per cent say they are unsure if they could survive a shutdown longer than two months. 

On top of that, 75 per cent of those surveyed also reported troubles from the oil price crash. 

Altogether, businesses with five or fewer employees and those reliant on the energy industry have been most significant affected, the report found. 

But while about half of the surveyed businesses have applied for deferral and working capital loans or wage subsidy programs, three quarters are “pessimistic” about recovering from the dual hits — regardless of government support. 

“Fifty-six per cent of those who had opted to defer payments of various kinds anticipate not being able to undertake a one lump sump payment amount and remain financially solvent,” the report reads. 

“Among those that have already received or applied for support, only 37 per cent believe the money they have received is enough to sustain them over the next three months. Among businesses in general, half believe they can only survive for three months or less without government support.”

The reports were equally bleak among those “very reliant” on a healthy oil and gas sector: one third said they can survive for three months with low oil prices. 

But the larger impediment to a rebound, the report found, was permanent damage to customers and their ability to pay. 

What survey participants said they most needed were interest-free loans, reduced taxes and utility costs, and operating grants available — though a combined 32 per cent said sector-specific supports for energy companies and all industries would be beneficial, too. 

More than 700 people from a range of sectors and varying number of employees and years of operation took the survey after being invited by the ACC. 

The full ACC report can be found online.