A survey says 89% of Atlantic County businesses have been negatively affected by the coronavirus pandemic.
The Greater Atlantic City Chamber on Thursday released the results of its COVID-19 Atlantic County Business Impact Survey, which sought to illuminate the mandatory business closing’s toll on local companies.
The survey was produced in collaboration with eight county business associations from April to May and received 607 responses across 30 different industries, according to a release from the chamber.
A majority of the respondents represented small businesses, with 83% having fewer than 50 employees and just over half having fewer than nine.
A 73-year-old female as well as an 80-year-old female, both from Lower Township, were announ…
More than 70% of businesses said the lost sales and cash flow threaten their continued daily operations over the next three months.
According to the survey, 25% of business owners have exhausted their cash on hand and 49% have less than four weeks of cash going forward. Fifty-nine percent have had to make staffing adjustments by laying off employees or reducing their hours.
About 74% of businesses surveyed have applied for economic relief in the form of payroll protection, loans or grants. Only 41% have been approved for aid, but of those, 80% have started receiving funding.
“The foundation of Atlantic County is our small businesses. Now more than ever, we need to support them and strengthen our economy by putting employees back to work,” said Michael Chait, president of the chamber. “The survey provides data that we will share with our elected officials as we urge them to expedite the reopening of small businesses while adhering to critical health and safety guidelines set forth by government agencies and reputable industry associations.”