COVID-19 Business Impact Survey (3)
The East Valley Chambers of Commerce Alliance (EVCCA) released today the findings from the third survey of a series conducted of its more than 5,000 members to determine the status of funding and rent relief options.
The report includes responses from nineteen industry sectors and nearly 75 percent of respondents represent businesses with less than 20 employees. It should be noted that the survey was completed prior to Governor Ducey’s Returning Stronger plan to reinvigorate Arizona’s economy was announced. Based on the data and feedback received, the following were identified:
• 35% of respondents noted there was no change to their current business model.
• 30% have reduced their hours of operations and/or services provided, while another 21% said they are temporarily closed.
• 47% of respondents have implemented employee furloughs or layoffs, while 35% have reduced employee hours.
• Less than 16% of respondents are currently hiring.
Loans and Funding
• Loans and debt relief continue to be top of mind for most respondents.
• While 60% said they had applied for an Economic Injury Disaster Loan (EIDL), only 9% stated they were approved.
• 74% applied for the Paycheck Protection Program (PPP) loans, and only 25% were approved.
• 46% of respondents stated they had been waiting for two weeks or more for a response to a loan application.
• 37% of respondents have received rent reduction or deferment, while 11% noted their landlord or lienholder refused to negotiate.
The EVCCA will use this data to advocate for the immediate and long-term needs of the businesses for which they present.
To view the published report, visit the Tempe Chamber of Commerce Coronavirus resource page or download here.