Third round of COVID-19 survey continues to track Delaware business response
WILMINGTON, Del., May 8, 2020 /PRNewswire/ -- A statewide COVID-19 business survey administered three times so far by Delaware Prosperity Partnership (DPP) and its economic development partners is informing Delaware's responses to the pandemic and its plan for a full recovery.
The third round of the Delaware business COVID-19 response survey was conducted from April 27 to 30 and resulted in responses from 285 Delaware businesses. New questions for this round of the survey included those regarding the status of Small Business Administration (SBA) loans and the Paycheck Protection Program.
"In addition to the qualitative information DPP is gathering by hearing firsthand from businesses throughout Delaware, the quantitative survey helps inform how we can best support businesses as Delaware navigates its way to full recovery," said Kurt Foreman, DPP president and CEO.
Topline take-aways for the third survey include:
- 39% of respondents applied for an SBA Economic Disaster Injury loan. Of those businesses, 23% were successful in securing a loan, 16% were unsuccessful and 62% have pending applications.
- 61% of respondents applied for the Paycheck Protection Program. Of those businesses, 48% were successful in securing funding, 8% were unsuccessful and 44% have pending applications.
- Among respondents who secured PPP funding, the average grant was nearly $400,000, with a median grant amount of about $100,000. Collectively, this funding allowed respondents to retain about 2,400 of their employees and rehire another 331 employees.
- Among respondents whose business were open, supply chains still seemed relatively intact. On average, respondents indicated they were able to ship and receive more than 78% of goods and services, up from about 70% in the second survey. Figures were largely similar, looking at results by business size.
- Collectively, there have been about 1,900 separations (furloughs, layoffs and termination) at responding businesses, accounting for about 17% of the total workforce among responding businesses (compared with 13% in the second survey). While industries like Retail Trade; Accommodation and Food Services; and Arts, Entertainment and Recreation continue to account for an outsize share of separations, there have been downsizings in nearly every industry.
- Revenues are down for nearly all industries and business sizes, with 82% of respondents indicating a decline in revenue (similar to the second survey). On average, respondents indicated their business could survive for about 12 weeks – in line with the average from earlier surveys – but this includes a wide range of responses. About one-quarter of respondents could survive four weeks or less, similar to the second survey's findings.
Created in 2017, Delaware Prosperity Partnership (DPP) leads the State of Delaware's economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the State of Delaware. The DPP team works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis and funding opportunities, including available tax credits and incentives. For more information, visit choosedelaware.com.
SOURCE Delaware Prosperity Partnership
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