Back To Business During COVID-19: Key Steps Organizations Need To Consider
Resuming operations safely and efficiently
Posted on 06-29-2020, Read Time: Min
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As all 50 states have begun some phase of reopening over the past several weeks, many employers have turned their attention to determining how to operate safely and efficiently in this new landscape. As part of a COVID-19 survey series, Paychex, Inc. polled 300 randomly selected business owners with two to 500 employees beginning April 17, 2020. The most recent wave of the survey, conducted from May 15 to May 17, 2020, showed that 63 percent of business owners feel the worst is behind them when it comes to the impact of COVID-19 on their operations.
The survey also revealed the following insights:
Businesses’ Current Status
- 46% of business owners report they are fully open and operational.
- 42% are open on a limited basis.
- 12% are closed, but plan to reopen.
- Of the businesses that are open, 30% closed at one point during the pandemic.
- Of the businesses that are closed, half plan to open by July, and 25% will open as soon as they are allowed.
Paycheck Protection Program (PPP) Loan Status
- 44% of businesses have applied for a PPP loan.
- Of those that applied, 58% have now received payment, twice as many as wave three (May 1-4).
- Businesses with 2 to 49 employees are now twice as likely to have received a PPP loan as businesses with 50 to 500 employees.
PPP Concerns
- 37% of businesses are not clear on how to apply for PPP loan forgiveness.
- That said, 68% are very or extremely confident they will meet the requirements for loan forgiveness.
- 26% don’t think the PPP loan will be enough for them to survive.
Expected Time To Return To Normal
- 45% of respondents think it will take three or fewer months for their business to return to pre-COVID norms.
- 57% of respondents think it will take seven or more months for the U.S. economy to return to normal.
- 19% of businesses say they have already returned to pre-COVID revenues.
Business Resilience
- Business resilience has remained steady since wave one of the survey (fielded April 17-20), at 70 on a scale of 1-100.
- Businesses with 50 to 500 employees (80), fast-growth businesses (79), and Midwestern businesses (76) are more resilient than their peers.
Business Owners’ Top Priorities
- 23% are focused on maintaining customer relationships.
- 21% on managing business as usual.
- 14% on reducing expenses.
- 5% on revising their go-to-market approach.
- Reopening their businesses has become a higher priority since wave three of the survey (fielded May 1-4).
Reopening Concerns
- 33% of businesses are concerned that they won’t have sufficient customer demand upon reopening.
- 31% are worried about keeping employees safe at work.
Concerns Of A Second Wave
- 84% of businesses are somewhat or very concerned about a possible second wave of infection.
- 64% feel they could survive a second wave financially.
Despite remaining uncertainties, business owners are starting to regain control over some aspects of their operations. However, employers and HR leaders must keep in the mind the federal, state, and local regulations guiding their reopening timelines and policies in order to remain compliant and keep employees and customers as safe as possible. COVID-19 resources by state to help guide businesses’ reopening can be found by here.
Author Bio
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Mike Trabold is the Director of Compliance Risk for Paychex. Visit www.paychex.com Connect Mike Trabold Follow @Paychex |
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