Edmonton faces millions in lost revenue from COVID-19 closures - News Summed Up

Edmonton faces millions in lost revenue from COVID-19 closures


The economic impacts of COVID-19 are expected to last months and cost millions of dollars for the City of Edmonton, city council heard Monday. That figure jumps to $61.1 million if businesses remain closed until mid-June, and $112 million if the physical distancing measures continue until mid-September. A six-week closure would mean the city loses $8.5 million, which would rise to about $38 million if the closure lasts until mid-September. Tax delaysAlso Monday, council agreed to amend tax bylaws to give property owners in business improvement areas until August to pay. Deferring tax payments will mean less cash flow for the city so Laughlin encourages anyone who can, to pay.


Source: CBC News March 31, 2020 01:41 UTC



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