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Yes, you can continue to work when you have implied status. Just have to notify your employer and show them proof you applied to extend your work permit, some of them get nervous about it because they face a $10k fine if they have an employee with an invalid status.
Shouldn’t be a problem for people who will apply for this as long as their current pgwp is valid and is expiring within 4 months. However, I’m out of status since 2nd Dec, will I also be considered as implied status if I apply for restoration and WP both on 27/10?
 
Shouldn’t be a problem for people who will apply for this as long as their current pgwp is valid and is expiring within 4 months. However, I’m out of status since 2nd Dec, will I also be considered as implied status if I apply for restoration and WP both on 27/10?
Correction - 27/01
 
Shouldn’t be a problem for people who will apply for this as long as their current pgwp is valid and is expiring within 4 months. However, I’m out of status since 2nd Dec, will I also be considered as implied status if I apply for restoration and WP both on 27/10?
Same situation here and same concern!

my pgwp expired on December 13th and I had to stop working and change my status to visitor!

I'm wondering if we would be able to get back to work right after January 27th or should we wait to get approved!?
 
Same situation here and same concern!

my pgwp expired on December 13th and I had to stop working and change my status to visitor!

I'm wondering if we would be able to get back to work right after January 27th or should we wait to get approved!?
No, Unfortunately, restoration doesn't provide implied status to an applicant to continue to work or study in Canada. You would have to wait for the approval of the restoration application before you can start work again.

Cheers!