COVID-19 Business Impact Survey Results

Main Street, Salt Lake City, Utah

MAY 2020

• Negative impact has been felt in every county

• Companies continue to be heavily impacted through drop in consumer demand

• Companies continue to seek financial assistance

• Companies are asking consumers to buy as normal and / or increase online spending

Key Findings

• Greater focus on bottom-line issues (obtaining inputs, delivering product, earning revenue), compared with last time (providing a safe work environment, getting employees to work, etc.)

• More companies are seeking financial assistance than before—likely they have depleted savings and other options

• Nearly 60% of companies that requested financial assistance indicated it took more than 13 days to receive the funds

Key Findings (cont.)

The Impact

COVID-19Impact Map

Source: Economic Development Corporation of Utah

Company Situation from 30 Days Ago32.9%

26.5% 26.9%

11.1%

2.6%

Much worse Somewhat worse About the same Somewhat better Much better

Source: Economic Development Corporation of Utah

Expected Duration of Impact

1.5%3.5%

15.7%

22.8%

12.6%

3.7%

40.2%

3.2% 5.0%8.1% 10.0%

7.2%3.6%

62.9%

< 1 month 1 month 2 months 3 months 4 months 5 months 6+ months

March May

Source: Economic Development Corporation of Utah

Assistance Sought

67.0%

73.5%

81.7%

92.6%

Other non-state loan / grant

Other state loan / incentive programs

SBA EIDL loan

SBA PPP loan

Source: Economic Development Corporation of Utah

Needed Financial Assistance—March

19.7%

34.5%

17.8%

13.0%

6.8%8.3%

12.4%

41.3%

23.4%

8.5% 7.5%

No assistance $0 - $50K $50K -$100K

$100K -$250K

$250K -$500K

$500K +

March May

Source: Economic Development Corporation of Utah

13%NO

42%SOMEWHAT

45%YES

Know How to Acquire Assistance

Source: Economic Development Corporation of Utah

Outcomes

How Companies Have Innovated

21.3%

25.7%

33.9%

37.4%

44.8%

Invested in technology (hardware / software for remotework)

Increased team communication frequency

Increased marketing efforts

Taken the time for future planning

Changed aspects of the business model

Source: Economic Development Corporation of Utah

Respondent Industry Breakdown

0.5%0.5%0.5%0.5%

0.9%1.9%1.9%1.9%

2.3%2.3%2.3%

2.8%2.8%

3.3%3.3%

7.0%7.9%7.9%

9.3%12.6%

13.6%14.0%

Aerospace and defenseMining

Warehouse / distributionWholesale trade

Agriculture, forestry, fishing, and huntingCommercial real estate

Financial ServicesUtilities / energy / natural resources

GovernmentIT / tech

Transportation / logisticsManufacturing

NonprofitEducation

Residential real estateHealth services / life sciences

Arts, entertainment, and recreationConstruction / engineering / architecture

Professional, scientific, and / or business servicesLeisure / hospitality services

Accommodation and food servicesRetail trade

Source: Economic Development Corporation of Utah