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5/6 Webisode: WNY Impact Survey Results

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May 6, 2020

The Partnership hosted a webisode to release the results of the WNY Impact Survey conducted in April.

The information gathered from the survey will be essential to better understanding how the public and private sectors can work together to address potential gaps in available resources now and during the inevitable economic recovery period that lies ahead. The survey asked employers to weigh in on a variety of topics including lost revenue, workforce impacts, and their ability to operate remotely.

Financial impact:

93% of respondents are experiencing a decline in revenue related to COVID-19
Most report a loss of 50% or less of expected revenue
3 out of 5 businesses have postponed investment, many of them indefinitely
75% of respondents have applied or are planning to apply for federal business assistance loans
51% of businesses are reducing variable costs
43% are reducing fixed costs
2 out of 3 respondents report implementing a staffing change including reducing positions or adjusting wages/salaries
More than 1/3 of businesses have reduced staff, mainly through temporary layoff or furloughs
60% of respondents have implemented a hiring freeze

Most pressing short-term concerns:

79% – Decline in revenue/sales
63% – Cash flow
42% – Wellbeing and safety of employees

Most pressing long-term concerns:

73% – Decline in revenue/sales
56% – Cash flow
40% – Cash reserves

How government can be most helpful:

60% – Expand and/or streamline federal loan programs
55% – Payroll tax cut
41% – Fast-track the release of reimbursements for contract work
28% – Repeal or suspension of certain reporting requirements

Readiness to work remotely:

1 out 3 respondents report not being prepared to switch to remote operations
A quarter of responding businesses were prepared to deploy remote operation plans
1 in 5 respondents still do not have a functioning remote plan in place

Biggest concerns for the community:

35% – Permanent closure of local small businesses
31% – Health of the U.S. economy

Watch the Presentation Below

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The Buffalo Niagara Partnership is committed to providing employers with the latest information and resources to help you deal with COVID-19 and its impact on our community, state, and nation. Visit our Events Page and Resource Page, as they are updated regularly to provide you with the most current information.

We will continue to follow up as more information becomes available. Given the fluidity of this situation, please feel free to reach out to us with questions at connect@thepartnership.org and even more importantly, if you are willing to share best practices.

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