More than 12,600 businesses responded to the survey conducted by Statistics Canada and the Canadian Chamber of Commerce.
Nearly one-third of businesses reported their revenue dropped by 40 per cent or more, while 21 per cent reported a revenue drop of 20 to 40 per cent.
Two-in-five businesses which responded to the survey said they have laid off staff as a result of the COVID-19 pandemic.
Of those businesses, nearly half said they laid off 80 per cent or more of their workforce, with the hardest-hit sectors including accommodation, food services and retail.
But nearly one-quarter of businesses reported having made no staffing changes due to the pandemic.
The survey also found nearly three-quarters of businesses have been negatively affected by physical distancing measures.
But nearly two-thirds said they could re-open or return to normal operations within a month of those measures being removed.
