ALBANY, N.Y. (NEWS10)- The COVID-19 pandemic has made a big impact on the local business economy. The most negatively impacted are businesses in the hospitality, restaurant, and performing arts industries.
The Paycheck Protection Program (PPP) allowed some businesses to receive financial help, but the program is no longer available. Capital Region Chamber President and CEO, Mark Eagan, said businesses need help from the Federal government especially those most vulnerable.
Of the 204 responses the Chamber received from a recent survey, 40% said they need some form of financial assistance from the government to waylay the economic impact of COVID-19.
There were positive findings in the survey. Nearly 70% of businesses said they did not expect to reduce their number of employees and 62% said they have not made changes to staffing levels. When asked if their business was at risk of closing due to the pandemic, 66% of businesses said no.
There is also good news when it comes to revenue, 14% of respondents said their revenue was up between 10-20% in a year-over-year comparison to 2019.
It wasn’t all good news, 20% of businesses said their year-over-year revenue was down more than 50%. Eagan said this shows businesses negatively financially impacted by the COVID-19 pandemic have really been feeling the effects.
“While is it good to see that the majority of respondents haven’t reduced their workforce and their business are not at-risk of closing, the survey clearly reveals that many businesses are struggling and desperately need Congress to pass another round of COVID aid before years-end to help them withstand the months ahead,” he said.
Eagan said although the PPP provided relief for many Capital Region businesses, the Federal government should provide more targeted relief aimed at smaller retailers, hospitality, restaurant and the performing arts.
- Local lawmakers say distraction looming over budget hearings
- COVID toes: Mysterious rash can affect feet in patients with coronavirus
- Meghan and Harry interview with Oprah lays bare royal rift
- Even with federal aid, tax increases ‘on the table’ for NY, Cuomo warns
- Cuomo: ‘I’m not going to resign because of allegations’