Today, May 8, the East Valley Chamber of Commerce Alliance published its survey results from Business Owners responses as of April 20, 2020.
Finding Summary:
- 47% of respondents said they’ve implemented employee furloughs or layoffs, while just over one-third (35%) reduced employee hours.
- Loans and debt relief continue to be top of mind.
- 60% said they had applied for an Economic Injury Disaster Loan (EIDL), however only 9% stated they were approved.
- Almost ¾ (74%) applied for the Paycheck Protection Program (PPP) loans, with just 1 in 4 (25%) reporting they were approved.
- Almost half (46%) of respondents stated they had been waiting for 2+ weeks for a response to a loan application.
- Additionally, 37% of respondents had received rent reduction or deferment, while one in ten (11%) noted their landlord or lienholder refused to negotiate.