The Greater Atlantic City Chamber, Atlantic County’s largest organization of citizens and business people, in collaboration with the Casino Reinvestment Development Authority, Atlantic County Economic Alliance, Margate Business Association, Atlantic City Metropolitan Business and Citizens Association, Somers Point Business Association, Brigantine Chamber of Commerce, Mays Landing Merchant Association, and the Greater Hammonton Chamber of Commerce, released a second survey today that will measure the economic impact that the COVID-19 pandemic is having on Atlantic County businesses and nonprofits.
The first survey was conducted one year ago, one month after Governor Murphy announced a statewide stay at home order and closure of all non-essential retail businesses. More than 600 businesses, from 30 different industries participated in the 2020 survey. At that time:
- 89% of businesses surveyed have been negatively impacted by the pandemic;
- 57% of respondents have less than nine employees;
- More than 70% of respondents expressed that lost sales and income—and negative cash flow because of delayed sales—are significant threats to continuing daily operations during the next three months;
- More than 49% of respondents stated they have less than four weeks of current cash flow to sustain the current pandemic;
- 25% have already exhausted their cash on hand;
- 59% of respondents have already made staffing adjustments (either by layoffs or reduction of hours) in response to the negative impacts of COVID-19;
- 38% of respondents expressed that payroll is their most critical expense, followed by operating expenses;
- 74% of businesses applied for economic relief, which includes but not limited to Payroll Protection Program, EDIL loans, NJEDA grants and loans. Only 41% were approved for some form of aid. 80% of those businesses have started to receive funding from those sources.
Michael Chait, President of the Greater Atlantic City Chamber, stated, “We seek to further understand the changes businesses have implemented over the past year, evaluate how economic recovery resources have helped keep their doors open, and challenges they are currently facing. The data we collected from the 2020 survey was shared with local, state, and federal officials and helped our advocacy efforts to address the evolving needs of the business community.”
All businesses are encouraged to complete the survey. The survey will conclude on Friday, May 7.
Businesses can take the brief survey by clicking here.
Full survey results will be released at a later date. For more information please contact the Greater Atlantic City Chamber at (609) 345-4524 or via email at info@acchamber.com.