Survey: 1/3 of WI businesses could close if 'Safer at Home' order lasts to July
More than a third of Wisconsin businesses could be wiped out if the current statewide shutdown were to last another three months, according to a new survey.
The Madison Region Economic Partnership announced its findings Wednesday morning, stating the results are based on the responses from 1.3 percent of businesses in the state. It noted that 40 percent of respondents indicated in their replies that they were unable to grasp fully the impacts of the shutdown.
“These data suggest there is an immediate need for relief measures such as low-interest loans and grant funding,” the organization’s President Paul Jadin said. “Businesses need financial support along with increased access to customers if they hope to survive this shutdown period.”
To help cope with the decline, the business owners told questioners they are finding multiple ways to cut costs, such as delaying payments and reducing inventories, which MadREP points out is similar to other reports from the Federal Reserve Board and Small Business Administration.
Some firms also told surveyors they have experienced productivity losses between 25 and 50 percent because of a shift to Work from Home policies.
MadCAP noted this survey is the first of multiple it continues to do and it invites people to participate by going to this website.