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.
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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.​
  • COVID-19 implications will last beyond 2020: The findings illustrate that despite Illinois currently operating in Phase 4 of the Restore Illinois plan, 37 percent of respondents anticipate revenue losses of up to 25 percent for both Q3 and Q4, and 45 percent of businesses anticipate the effects of COVID-19 to continue throughout the year with losses in to Q1 2021.
  • Businesses are mixed as to their longer-term work structures—both today and beyond COVID-19: Nearly a fifth of survey respondents (18 percent) were unsure as to their future work state and would closely monitor the situation while two-thirds of businesses (63 percent) plan to review flexible work options, including remote working. Another 14 percent stated employees would continue to work virtually in the short-term, but will eventually return onsite, while only 9 percent stated employees would continue to work virtually as much as possible.
  • 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.
AURORA REGIONAL CHAMBER OF COMMERCE
THE CATALYST FOR BUSINESS SUCCESS
​Visit us at aurora-chamber.com
Although we are currently working remotely, we are still here to help the businesses in the greater regional Aurora area.
Phone: 630.256.3180
Fax: 630.256.3189
43 W. Galena Blvd.
Aurora, Illinois 60506