Latest Chamber survey produces more data on business impacts of COVID-19 | Results of the fourth Business Impact tracker are released | May 2020

Results of the fourth Business Impact tracker are released

Date: Thursday 07 May 2020

Latest Chamber survey produces more data on business impacts of COVID-19

Statistics from the latest in a series of weekly surveys carried out by Isle of Man Chamber of Commerce have provided more insights into the impact of the COVID-19 emergency on businesses.

The Island’s biggest business network created its ‘Impact Tracker’ surveys to serve as a barometer of the pandemic’s impact on businesses and the effectiveness of the Government’s support measures. The results of the fourth weekly poll -– conducted between 24th April and 1st May – are based on responses from 222 businesses from a broad cross-section of sectors.

Highlights include:

The polls are open to anyone, and the businesses that take part vary each week – so it’s important to bear that in mind when trying to identify trends from one week to the next.

Chamber President Caren Pegg commented: “The latest survey appears to indicate a consensus broadly in favour of Government’s recent announcement regarding the construction industry with 88% supporting that development. However, with almost half of the respondents having reservations about that move, it’s also fair to say that a cautious approach to returning to work is also favoured.”

Here are some of the other headlines from the 24th April to 1st May survey:

General impact

A quarter of respondents believe the current situation will impact their business in a months’ time and a further quarter believe it will impact in three months’ time. 13% of respondents believe their business will be impacted in six months’ time.

Government support

36% of the respondents stated they expect to tap into Government financial support in the next three months. 15% stated they expect to require up to £10,000 in financial support over the next three months. At the time of completing the survey 67% of respondents were still awaiting payment of the Salary Support Scheme and 25% were waiting to receive the Business Grant.

Cash flow concerns

Cash flow remains a concern with 37% stating they have one to three months reserves. 15% have no cash reserves and 17% only have one month.

Businesses furloughing employees or reducing workforce

The number of businesses planning to offer temporary leave of absence has decreased since the last survey with 66% of respondents now stating that they do not plan to permanently reduced their workforce. 89% do not plan to make any permanent reductions in their workforce.

Business continuity

Half of this week’s respondents have had to temporarily close their business.

Click here to view the dashboard results.