There was a robust response to the Cook County Chamber of Commerce request by Cook County businesses to reply to a survey on the impact they were feeling from the COVID-19 pandemic.
Jim Boyd, Executive Director of the Chamber reported the survey generated 186 responses from business owners and managers. Boyd noted the survey was conducted two weeks ago and so, it was a “snapshot in time,” and today, he added, “The situation for many will have changed.”
Boyd also pointed out, “Some of the calculations made by Survey Monkey make no sense. In several questions, for example, the answer is a percentage, but then Survey Monkey calculates a “total number” by multiplying the percentages by the number of respondents, yielding an answer in the thousands.”
That said, the survey shows the dilemma and struggles faced by many business owners and managers of businesses in this era of the COVID-19 pandemic.
When asked, “Are you still operating?” 54.89 percent (101) responded they were still up and running while 45.11 percent of the respondents (83) said their doors were closed.
Of those who were in business, 102 answered they were running at 43 percent and 88 replied they were operating at 36 percent of their capacity.
As far as receiving the supplies and services they needed, 85.56 percent (154) said they were getting those while 14.44 percent (26) noted they weren’t able to get everything they requested or services needed to most efficiently operate their business.
“Are you able to ship/deliver goods or services?”
Three fourths (75.29 percent) of the 170 respondents answered yes while 24.71 percent said they weren’t able to ship or deliver goods or services during this COVID-19 pandemic.
Because the survey was taken when businesses were just starting to ramp up for the summer rush, not a lot of people were on the payrolls. The majority of the 178 responders said they averaged five full-time employees while about 15 percent said they were staffing two part-time employees.
“Has your employee count changed due to COVID- 19?”
Some 46.2 percent (85) said the pandemic had affected the number of people they could staff at this time while 53.80 percent (99) replied the COVID-19 virus did not affect the number of employees they needed to operate.
“How many employees have you had to lay off or terminate due to COVID-19?”
There were 163 replies, with most saying they had laid-off five people and a small amount of businesses replying they had laid off one person.
When asked, “If operating, what percentage of your workforce is working remotely?” Of the 121 replies, 28 people were working away from their place of employment.
“What percentage of your workforce is unable to work remotely?” Out of the 123 responses 64 employees said they could not do their jobs off-site.
As far as workforce morale, on a scale of 1-7, with 1-2 low, 3-5 moderate and 5-7 high, 28.32 percent said their workforce morale was low, while 58.8 percent replied their workforce morale was moderate and 13.87 percent of the 173 answered their workforce morale was high.
Only 77 answered this next question. “Please estimate the percentage increase in your business’s weekly revenue due to COVID-19,” with three saying their revenue had increased since the state largely shutdown—or slowed down—most businesses.
Flipping that question around, 77 out of 168 responders replied they had seen a decrease in weekly revenue due to COVID-19.
When asked, “Do you feel you have lines of credit to help you bridge this emergency?” 50.27 percent (92) said yes while 49.73 (91) said no.
Just over half 54.89 percent (101) out of 184 said they had contacted their lenders about loan or other financing assistance, while 19.57 percent (36) said they hadn’t contacted their lender and 15.76 percent found it unnecessary (29). Six responders replied their lenders were not responding to their request and 12 others responses were left out so the owners of those establishments couldn’t be identified by their answers.
“What are your top three concerns looking forward? (Check only 3).”
This question presented 11 choices with 68.82 percent (128) found business owners worried about the pandemic’s financial impact on operations/capital and liquidity. Next, 64.52 percent (120) said they were concerned about consumer confidence/spending and 51.08 percent (95) were worried about a recession. The fourth highest concern at 22.58 percent (42) was “The lack of information on which to base those decisions.”
Only 5.03 percent (9) answered they expected to make permanent workforce reductions over the next six months while 70.3 percent (126) replied that they had no plans to reduce their labor force. Some 24.58 percent (44) indicated they might have to make permanent workforce reductions.
“Have you applied for SBA EIDL and PPP loans?”
Only 10.22 percent (19) answered yes while 39.78 percent (74) answered no. Meanwhile 50 percent (93) indicated they had applied for one or both loans.
Of the 186 responses, none came from people in the following fields: agriculture, forestry, utilities, wholesale trade information, administrative support, and waste management and remediation. The two highest responses came from folks working in accommodations (40) and retail (31).
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