A new Chamber of Commerce Hawaii survey confirms that the Coronavirus pandemic will have a far-reaching and long-lasting economic impact on Hawaii’s business community. The survey of over 300 businesses revealed that 84% of respondents expect a negative impact on business due to Coronavirus and 21% will lose more than $10,000 a day if they stop operations.
“The results of this survey confirm that Hawaii businesses need our help to survive and recover from the economic devastation of extended closures and other interruptions in operations,” Sherry Menor-McNamara, President & CEO of the Chamber of Commerce Hawaii said. “The Chamber has recommitted our resources to provide Hawaii’s business community with all possible tools to help them through this difficult period. We are working with stakeholders at all levels to ensure that Hawaii businesses, at the appropriate time, can return to full operations to support their employees and the community.”
The survey was conducted in partnership with the Hawaii Island Chamber of Commerce, Honolulu Japanese Chamber of Commerce, Kauai Chamber of Commerce, Maui Chamber of Commerce and the Native Hawaiian Chamber of Commerce.
The survey also found that:
- 46% of respondents represented businesses with 10 or fewer employees. 27% represented businesses with 10-50 employees and 27% of respondents represented organizations that employ more than 50 employees.
- 84% report expecting an economic downturn, while 16% do not. Respondents who did not expect a downturn include businesses in health care, janitorial services, online services and agriculture.
- Businesses’ top concerns in regard to the pandemic are the economic impact on business (89%), health and safety (83%) and personal finances (51%).
- 47% of businesses have a continuity of operations plan in place, while another 31% of respondents are in the process of creating one.
- 21% of respondents estimate that they will lose more than $10,000 per day if their business is forced to stop operations. Nine percent report losses of $5,000-$10,000 per day, 18% report losses of $1,000-$5,000 per day and 10% will lose less than $1,000 per day. Nearly 40% report that it’s too soon to tell.
- Respondents reported that the top three things that would assist them during this time are access to preventative supplies, more information from public officials, and information on continuity of operations and other mitigation measures. Respondents also requested the creation of programs to support small business loans, delay of tax collection and rental/mortgage payments, and funding to support the continuity of business and employment.
The Chamber of Commerce Hawaii is updating its COVID-19 resource for businesses page at www.cochawaii.org.