Dennis Jansen Relates Business Impact Survey Results on KBTX
Jul 17, 2020
Summary: On Thursday, July 16, 2020, Director Dennis Jansen spoke to KBTX news on the results of the recently released Business Impact Survey produced by the Private Enterprise Research Center and distributed by the Bryan-College Station Chamber of Commerce.
Responses from 499 unique local businesses shed light on how firms in Bryan-College Station have been affected by the Covid-19 pandemic and subsequent government regulations. The survey asked questions related to operations and supply chain, workforce, and financial issues, with a few positive takeaways.
“Two things - one was the success rate of our local businesses in obtaining those [Paycheck] Protection Program loans was really incredibly high. I think that has to do with help from the Chamber itself, and other entities like the Brazos Valley Economic Development Corporation providing information and assistance to local businesses applying for those loans. And I think it says something about our local bankers to process those loans and frankly, to approve those loans,” said Jansen. “If you look nationwide, there’s a couple of surveys by Paychex and by Forbes and they would indicate a much lower percentage of success at getting these [Paycheck] Protection Program loans - that’s certainly good news and good news for local businesses.”
“The second thing is, when the survey was done in mid-June, most businesses had at least been able to reopen. We had a very small number of businesses who reported being closed.”
One question dealt with whether businesses thought they would be better off in 2021 than in 2019. Business 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.
Jansen shared his projections on the state of our future local and national economy. “I certainly think we’ll be better off next year than we are this year - but that’s sort of easy. We’ve already had the big hit. I do think we will grow, perhaps slowly, perhaps even glacially, but we will grow from where we are. The big question is whether we will be better off in 2021 than in 2019, and what does that mean? I suspect that it depends a lot on the hope and prayer for a safe and effective vaccine and one that’s widely available, even worldwide, so that we can export goods to other countries and have visitors from other countries come here, like to the University.”
“I might add that the Federal Reserve, the International Monetary Fund and the Congressional Budget Office have all released projections in June, or even July, and they are all projecting that it will take two years to return to the level of income of Gross Domestic Product that we enjoyed at the end of 2019. So, that will be 2022, not 2021.”
Click here to see the full interview
Read full Survey results