A statewide COVID-19 business survey administered three times so far by Delaware Prosperity Partnership (DPP) and its economic development partners is informing Delaware’s responses to the pandemic and its plan for a full recovery.
The third round of the Delaware business COVID-19 response survey was conducted from April 27 to 30 and resulted in responses from 285 Delaware businesses. New questions for this round of the survey included those regarding the status of Small Business Administration (SBA) loans and the Paycheck Protection Program.
“In addition to the qualitative information DPP is gathering by hearing firsthand from businesses throughout Delaware, the quantitative survey helps inform how we can best support businesses as Delaware navigates its way to full recovery,” said Kurt Foreman, DPP president and CEO.
Topline take-aways for the third survey include:
• 39 percent of respondents applied for an SBA Economic Disaster Injury loan. Of those businesses, 23 percent were successful in securing a loan, 16 percent were unsuccessful and 62 percent had pending applications.
• 61 percent of respondents applied for the Paycheck Protection Program. Of those businesses, 48 percent were successful in securing funding, 8 percent were unsuccessful and 44 percent had pending applications.
• Among respondents who secured PPP funding, the average grant was nearly $400,000, with a median grant amount of about $100,000. Collectively, that funding allowed respondents to retain about 2,400 of their employees and rehire another 331 employees.
• Among respondents whose business were open, supply chains still seemed relatively intact. On average, respondents indicated they were able to ship and receive more than 78 percent of goods and services, up from about 70 percent in the second survey. Figures were largely similar, looking at results by business size.
• Collectively, there have been about 1,900 separations (furloughs, layoffs and termination) at responding businesses, accounting for about 17 percent of the total workforce among responding businesses (compared with 13 percent in the second survey). While industries including retail trade; accommodation and food services; and arts, entertainment and recreation continue to account for an outsize share of separations, there have been downsizings in nearly every industry.
• Revenues are down for nearly all industries and business sizes, with 82 percent of respondents indicating a decline in revenue (similar to the second survey). On average, respondents indicated their business could survive for about 12 weeks — in line with the average from earlier surveys — but that includes a wide range of responses. About a quarter of respondents could survive four weeks or less, similar to the second survey’s findings.
Created in 2017, Delaware Prosperity Partnership (DPP) is part of the State of Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the State of Delaware. The DPP team works with site selectors, commercial developers and business executives focused on where to locate or grow a business. The team helps with reviewing potential sites, cost-of-living analysis and funding opportunities, including available tax credits and incentives. For more information, visit choosedelaware.com.