REGIONAL INSIGHTS REPORT
BUSINESS IMPACT OF COVID-19 SURVEY FINDINGS
Together, Aurora Regional Chamber of Commerce, along with Invest Aurora, are proud to announce the launch of the Regional Insights Report: Business Insights of COVID-19. Read the press release.
Brought to you by Waubonsee Community College, the Business Insights of COVID-19 report provides a close look at the data from 524 survey responses collected from businesses across the Aurora region through July 3, 2020. Businesses of all sizes, length in operation and across all industry sectors contributed insights to the survey with the report capturing the key insights and challenges local businesses face as they look operate in the age of COVID-19.
KEY SURVEY REPORT FINDINGS
The data collected from the survey enabled the Aurora Regional Chamber of Commerce and Invest Aurora to determine a number of related trends that clearly demonstrate the impact of COVID-19 on business operations today and well as business viability in to the future.
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- Innovation and agility are critical for business survival: According to the report’s findings, 32 percent of businesses seamlessly shifted to a remote workplace and nearly 30 percent of businesses pivoted and established an alternate way to sell or deliver their products and/or services. Nearly 40 percent of businesses plan to reskill or upskill employees on new ways of working and will look to provide alternative learning models to improve business. Another nearly 40 percent will restructure/reorganize or cross-train to transfer knowledge.
- Federal funding was applied for over local funding: Despite several funding and assistance options available to businesses, those in need were less likely to look locally for funding assistance and instead opted for larger, federal programs. Two-thirds (65 percent) of respondents applied for the Paycheck Protection Program (PPP) and nearly 40 percent applied for the Small Business Administration Economic Injury Disaster Loan (EIDL). At 23 percent, Aurora’s STABLE Fund was the third most applied for fund, and the top amongst the local funds.
COMPANION RESOURCE
The Regional Insights Report: Business Impact of COVID-19 is the second of two resources from the Aurora Regional Chamber of Commerce and Invest Aurora on the effects of COVID-19 on business. The companion piece, the Regional Reopening Roadmap, brought to you by Waubonsee Community College, is a robust yet practical resource that can help businesses plan for and maintain safe working spaces and conditions, design and monitor workplace operations to create flexibility, and maintain safety for employees and customers.
The Regional Insights Report: Business Impact of COVID-19 is the second of two resources from the Aurora Regional Chamber of Commerce and Invest Aurora on the effects of COVID-19 on business. The companion piece, the Regional Reopening Roadmap, brought to you by Waubonsee Community College, is a robust yet practical resource that can help businesses plan for and maintain safe working spaces and conditions, design and monitor workplace operations to create flexibility, and maintain safety for employees and customers.