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Survey: April more optimistic than expected for Greenville businesses

Staff Report //May 27, 2020//

Survey: April more optimistic than expected for Greenville businesses

Staff Report //May 27, 2020//

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Another survey (.pdf) launched by the Greenville Chamber, city of Greenville and Greenville Area Development Corp. charts an increase in optimism among business owners despite a 45% cut in gross income during April.

April’s survey demonstrated that 39% of more than 300 Greenville-area businesses polled had voiced concern that COVID-19 may put them out of business, while May’s results show a slight decrease to 31%. The drop in gross income didn’t reach the 47% projection in the last survey for April, and business owners expect May to bring a smaller revenue reduction at 43%.

About half of the survey participants had received Paycheck Protection Program funding, while 20% of those who have not yet received funds applied for the loan, according to a news release. One-third of respondents had cut some of their workforce, and one business owner out of every five respondents had requested loan deferrals or other adjustments.

Despite potential improvements in the area’s business climate, businesses owned by women and minorities appear to be disproportionately impacted, with 49% fearing closure and other financial impacts.

Lastly, 62% of survey respondents noted safety as their top concern during the economy’s reopening over the next few months, followed by lack in customer demand, liability, COVID-19 testing and child care access.