Applying for the Paycheck Protection Program, changing how to deliver services and implementing telecommuting are just a few of the actions Green Bay area businesses have taken to respond to the COVID-19 pandemic, according to a new survey.
The Greater Green Bay Chamber’s recent Back to Business survey looked at how the pandemic affected businesses and what steps businesses took to mitigate its economic impact. More than half of the survey respondents were CEOs, owners or executive management.
Survey highlights include:
- Nearly 70 percent applied for the U.S. Small Business Administration’s Paycheck Protection Program; 89 percent received funds and of those, 79.78 percent received a loan in the amount requested. Of those who applied, 77.78 percent anticipate having their funds forgiven.
- 64 percent of businesses embraced employee telecommuting.
- 78 percent changed their service offerings by offering carryout or delivery.
- 78 percent of employers implemented furloughs or laid off workers.
- 44 percent changed their business hours.
- 71 percent of leaders heard of the U.S. Small Business Association’s Economic Injury Disaster Loan, but nearly 84 percent said they did not apply for the program. For those businesses that did apply, 80 percent said their application was not approved.
- 61 percent of business owners identified difficulty incorporating social distancing practices into operations as the No. 1 concern with resuming “normal” operations.
- 70 percent of employers anticipate no pay raises for the remainder of the year.