The Eagle Publishes Top Story on BCS Survey Results
Jul 16, 2020
Summary: Results from the PERC survey, “Business Impact of Covid-19 Pandemic in Bryan-College Station” were featured as the top story in The Eagle newspaper on Thursday, July 16, 2020. The survey, created by the Private Enterprise Research Center and distributed by the BCS Chamber, was conducted June 8 through 16 and received responses from 499 individual businesses.
The results revealed how responding businesses have fared in the areas of operations, employment, revenues, federal stimulus loan applications, future prospects, and industry categories most affected by the pandemic.
Of all the responding businesses, 31% reported that their workforce changed due to Covid-19, with 62% of these firms reporting employment declines due to furloughs, layoffs, or terminations. Nearly all of the responding businesses had 50 or fewer employees, at 91%.
Financially, 69% of businesses stated that weekly revenues had decreased, while 10% reported a revenue increase as a result of Covid-19. A third of firms have contacted banks about a bridge loan or other financing. Over half of the firms applied for a loan through the Paycheck Protection Program, with 94% receiving a loan and 6% with a pending application.
Executive Associate Director Andrew Rettenmaier said, “The wholesale and retail trade, and those in the entertainment, accommodation and food service industries have been hit hardest.”
When asked whether their businesses would be in better condition in 2021 than in 2019, responses were spread fairly evenly, with 37% expecting to be in better condition, 35% expecting to be in worse condition and 28% expecting to be in the same condition.
“I certainly think the survey gives us a glimpse into how local businesses are responding and thinking about this current economic situation,” Jansen said. “The overall economy has been gradually, and perhaps glacially, improving,” said Director Dennis Jansen.
Click here to read The Eagle article, “69% of surveyed Bryan-College Station businesses say COVID-19 hurt revenue.
To read the results from the survey, click here