Thank you, Mr. Chair. It's good to see you again and good to see the honourable committee members. Thank you for extending an invitation to me to provide evidence for your consideration today.
As you just said, my name is Brandon Ellis, and I am the manager of policy and advocacy for the St. John's Board of Trade. The business community of St. John’s, much like the rest of the country, is currently facing unprecedented challenges. Our board has been in constant contact with all levels of government in order to communicate what we have been hearing from our members. The St. John’s Board of Trade recognizes that COVID-19 has caused a public health crisis and an economic crisis. The two are intertwined and must be approached with urgency.
We welcome many of the aspects of the government’s programs that have been unveiled, the wage subsidy being one of them. Countless jobs will be saved because of the announced measures, but they fall short of supporting many businesses that need help during this time. Many businesses that are not essential services have been operating with skeleton staff or been completely shut down for over a month now. They have been asked to wait two more weeks before funds are available. This is too long, in our estimation, as businesses have been waiting for this support since March.
The government has proven that it can deliver funds quickly and efficiently with the success of the CERB program delivered through the CRA. Canadian businesses need the same urgency in receiving financial help. Several weeks from now will simply be too late, and we will see many businesses close their doors, some permanently. In a survey this week from Restaurants Canada, results showed that one out of every two independent restaurants do not expect to survive if conditions do not improve within the next two months. Among restaurant operators, 75% are either very or extremely concerned about their current level of debt. We know that a majority of smaller businesses do not have enough cash reserves to wait several more weeks for relief. Those affected will likely now place greater demand on the CERB.
In addition, we continue to see many businesses that need help now falling between the policy gaps of support programs. These include, as previously mentioned, sole proprietorships that do not have payrolls but pay themselves through dividends. We must cast a wider, more inclusive net to ensure that all businesses that need help can receive it.
The issue of sole proprietors falling through the cracks is of concern to us. It is unreasonably punitive if businesses are meeting the other requirements for government programs to disqualify them for not previously incorporating, as some of the rules for a few of the programs are right now. We ask that government extend the CEBA to sole proprietors who have not incorporated.
We have asked government to cast the widest nets possible with the programs that they have developed. Last week, our chair, Andrew Wadden, who is a local lawyer and concerned business owner, wrote to the Minister of National Revenue requesting a full refund of the GST to all small and medium-sized businesses. The Parliamentary Budget Officer has already completed the partial analysis of our ask. It is in our analysis that this will cover many businesses that desperately need funds to stay afloat. We ask that all businesses, not just those that are incorporated, be considered for a GST refund for the GST that they paid between January 1 and December 31, 2019.
As you may be aware, our province is facing significant financial challenges in both our short- and long-term future. We also face challenges in our offshore oil industry, given the current economic uncertainty. This industry has been a vital economic driver within our province and has contributed greatly to Canada as well. If we are discussing what economic recovery looks like in our province, we cannot do so without highlighting our oil and gas sector.
Over the past two decades, our offshore oil has accounted for 25% of our provincial GDP. Economists are projecting that over $100 billion in royalties and revenues will be accumulated by 2045, and by 2033 oil and gas will generate 19% of all Newfoundland and Labrador jobs. The Newfoundland and Labrador oil industry will provide $3.3 billion in taxes to the rest of Canada. We encourage the Government of Canada to begin implementing policies that will unleash the full potential of our offshore oil and gas policies and begin amending previous policies, such as Bill C-69, which have been proven problematic.
We also have some thoughts on the commercial rent announcement today. I'd be happy to take any questions the committee may have with respect to that.
Thank you very much, Mr. Chair, committee members and fellow witnesses, for the opportunity to provide testimony. I look forward to answering any questions you may have.