The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Some 82 percent of closed Grand Bahama businesses surveyed by the island's Chamber of Commerce expect to re-open, it has been confirmed, with just two firms saying they will go out of business.

The COVID-19 survey of 127 companies found that 42 percent, or 53, expect to lay off staff. Of that number, 75 percent or 40 plan to lay-off less than 75 percent of their workforce, with 13 planning to lay-off more than 75 percent.

Gregory Laroda, the chamber's president, told Tribune Business he was optimistic that the Hurricane Dorian-related tax breaks will continue beyond their June 30 expiry date. And his call for the government to start relaxing COVID-19 restrictions on different Family Islands was yesterday answered when the Prime Minister opened up the more sparsely populated southern islands.

The GB Chamber survey said Grand Bahama businesses are also seeking assistance with e-commerce and help for small businesses that may not qualify for existing loans due to the absence of VAT filings or government licenses.

Some 87 percent of respondents said COVID-19 has negatively affected their business, with just 9 percent saying it was too early to tell. Out of the 127 businesses surveyed, only 40 of them or 31 percent were currently open.

The survey's most cited needs were "relief from value added tax (VAT), duty and license fees and an extension of existing exemptions; VAT timing exemption, waiving of penalty; and short-term, low interest loans".