BizFed COVID-19 Business Impact & Reopening Survey Findings
Top 5 Concerns on Impact, Regulatory Disconnect, and Reopening
Impact on the Business Community
1. Nearly 50 industries represented with a net projected 23% loss in jobs upon reopening, thus 4 million jobs = 920,000 lost jobs.
2. Nearly 90% of businesses state that the “Stay-at-Home” order has severely impacted their revenue, with 46% losing 50% or more of their projected revenue for the year.
3. Over 50% of business owners have had to layoff or furlough employees, and only 52% of those can affirmatively state they plan to bring back those employees.
4. 50% of respondents anticipate having significant issues in paying rent/mortgage payments.
5. Nearly 70% of business owners have had to negotiate/request some type of relief or deferral alternatives to survive.
1. Nearly 60% of businesses do NOT feel officials are listening to business concerns regarding requirements and compliance.
2. 50% of employers state the new Paid Sick Leave, Family Leave, Unemployment Benefits, and Workers’ Compensation Order further complicate the outlook and ability to reopen the business.
3. Nearly 70% of businesses believe the state needs to look at options to make AB5 (Independent contractor restrictions) more flexible and provide additional exceptions that will better support the reopening of businesses.
4. 55% stated State and Local Officials have NOT provided sufficient requirements or criteria to protect businesses in opening safely, yet nearly 80% feel they are ready to open given the green light from authorities.
5. More than 60% of employers are concerned that timelines, guidance, and safety regulation will not be reasonable nor flexible enough to reopen effectively and efficiently.
1. COVID-19 & Employment Law Compliance, Customer Re-Connection, and Capital are three highest concerns upon reopening.
2. 61% of respondents are concerned about safety regulations being reasonable enough to be able to operate your business efficiently.
3. 34% of employers cite available childcare being a significant issue in being able to return employees to work.
4. 55% of businesses feel, despite budget issues, the state should increase the amount of funding for training programs to support the massive increase in displaced workers.
5. 49% of respondents believe there should be required COVID-19 safety training certification similar to harassment prevention training requirements.