COVID-19 Business Impact Survey Results
Main Street, Salt Lake City, Utah
MAY 2020
• Negative impact has been felt in every county
• Companies continue to be heavily impacted through drop in consumer demand
• Companies continue to seek financial assistance
• Companies are asking consumers to buy as normal and / or increase online spending
Key Findings
• Greater focus on bottom-line issues (obtaining inputs, delivering product, earning revenue), compared with last time (providing a safe work environment, getting employees to work, etc.)
• More companies are seeking financial assistance than before—likely they have depleted savings and other options
• Nearly 60% of companies that requested financial assistance indicated it took more than 13 days to receive the funds
Key Findings (cont.)
The Impact
COVID-19Impact Map
Source: Economic Development Corporation of Utah
Company Situation from 30 Days Ago32.9%
26.5% 26.9%
11.1%
2.6%
Much worse Somewhat worse About the same Somewhat better Much better
Source: Economic Development Corporation of Utah
Expected Duration of Impact
1.5%3.5%
15.7%
22.8%
12.6%
3.7%
40.2%
3.2% 5.0%8.1% 10.0%
7.2%3.6%
62.9%
< 1 month 1 month 2 months 3 months 4 months 5 months 6+ months
March May
Source: Economic Development Corporation of Utah
Assistance Sought
67.0%
73.5%
81.7%
92.6%
Other non-state loan / grant
Other state loan / incentive programs
SBA EIDL loan
SBA PPP loan
Source: Economic Development Corporation of Utah
Needed Financial Assistance—March
19.7%
34.5%
17.8%
13.0%
6.8%8.3%
12.4%
41.3%
23.4%
8.5% 7.5%
No assistance $0 - $50K $50K -$100K
$100K -$250K
$250K -$500K
$500K +
March May
Source: Economic Development Corporation of Utah
13%NO
42%SOMEWHAT
45%YES
Know How to Acquire Assistance
Source: Economic Development Corporation of Utah
Outcomes
How Companies Have Innovated
21.3%
25.7%
33.9%
37.4%
44.8%
Invested in technology (hardware / software for remotework)
Increased team communication frequency
Increased marketing efforts
Taken the time for future planning
Changed aspects of the business model
Source: Economic Development Corporation of Utah
Respondent Industry Breakdown
0.5%0.5%0.5%0.5%
0.9%1.9%1.9%1.9%
2.3%2.3%2.3%
2.8%2.8%
3.3%3.3%
7.0%7.9%7.9%
9.3%12.6%
13.6%14.0%
Aerospace and defenseMining
Warehouse / distributionWholesale trade
Agriculture, forestry, fishing, and huntingCommercial real estate
Financial ServicesUtilities / energy / natural resources
GovernmentIT / tech
Transportation / logisticsManufacturing
NonprofitEducation
Residential real estateHealth services / life sciences
Arts, entertainment, and recreationConstruction / engineering / architecture
Professional, scientific, and / or business servicesLeisure / hospitality services
Accommodation and food servicesRetail trade
Source: Economic Development Corporation of Utah
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