One in seven Michigan small companies usually are not assured they’ll survive the coronavirus (COVID-19) pandemic, in keeping with a survey carried out by the Small Enterprise Affiliation of Michigan (SBAM).
SBAM mentioned in a information launch Tuesday that fraction equals about 14 % of small companies in Michigan that don’t really feel they will survive the financial shutdown. Michigan has been under a stay-at-home order in some capacity since March 23, with many companies together with eating places and storefronts ordered shuttered.
“The COVID-19 pandemic and closure orders have created such an uphill problem for small companies that one out of each seven in Michigan aren’t positive they’ll be capable to get well,” mentioned SBAM President Brian Calley. “Michigan small companies are actually struggling to outlive.”
The survey was carried out in late April. Greater than 1,300 Michigan small companies had been surveyed. Outcomes additionally confirmed that 60 % of companies have needed to lay off not less than one worker.
Listed below are extra outcomes from SBAM’s survey:
- Practically 45 % of small companies are closed.
- Greater than 50 % of small companies don’t have the power for his or her workers to do business from home.
- 72 % of surveyed companies have utilized for the Paycheck Safety Program, and 43 % have utilized for different loans or advances.
- 56 % of small companies don’t imagine they’ll be capable to implement break up shifts to restrict publicity to the virus.
- 35 % of small companies would want further bodily area to fulfill social distancing tips.
- 44 % of small companies mentioned they don’t qualify for classification as vital important infrastructure.
“These are extraordinarily troublesome instances for Michigan’s small companies and the outcomes of this survey affirm these details,” mentioned SBAM CEO Rob Fowler. “SBAM is doing every thing we are able to to assist small companies get by way of these instances to allow them to hopefully return to their place because the spine of our financial system.”
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