A year ago, the Atlantic County Economic Alliance and The Greater Atlantic City Chamber of Commerce collaborated on an Atlantic County business impact survey. Now it is conducting a follow-up survey to gauge the impact of the COVID-19 pandemic on local businesses.
The first survey was conducted one month after NJ Gov. Phil Murphy announced a statewide stay-at-home order and closure of all non-essential retail businesses. More than 600 businesses, from 30 different industries participated in the 2020 survey. The survey found that:
- 89% of businesses surveyed have been negatively impacted by the pandemic;
- 57% of respondents have less than nine employees;
- More than 70% of respondents expressed that lost sales and income—and negative cash flow because of delayed sales—are significant threats to continuing daily operations during the next three months;
- More than 49% of respondents stated they have less than four weeks of current cash flow to sustain the current pandemic;
- 25% have already exhausted their cash on hand;
- 59% of respondents have already made staffing adjustments (either by layoffs or reduction of hours) in response to the negative impacts of COVID-19;
- 38% of respondents expressed that payroll is their most critical expense, followed by operating expenses;
- 74% of businesses applied for economic relief, which includes but not limited to Payroll Protection Program, EDIL loans, NJEDA grants and loans. Only 41% were approved for some form of aid. 80% of those businesses have started to receive funding from those sources.
Full survey results will be released at a later date. For more information, contact the Greater Atlantic City Chamber of Commerce at 609-345-4524 or via email at firstname.lastname@example.org.