Business Services for COVID-19 impact March 25, 2020 Impact on the - - PowerPoint PPT Presentation

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Jul 11, 2023 49 likes •181 views

Business Services for COVID-19 impact March 25, 2020 Impact on the Economy Today, it s too early to determine the long- term impact on supply chains, manufacturing, and the American economy. Given the importance of consumer spending to

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Business Services for COVID-19 impact March 25, 2020

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Impact on the Economy

Today, it’s too early to determine the long- term impact on supply chains, manufacturing, and the American economy. Given the importance of consumer spending to the American economy, much will depend

n the confidence of the American public.

US Chamber of Commerce, March 21, 2020

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Impact on the Economy

A survey of 34 economists by the Wall Street Journal revealed that a recession is on the horizon, with median forecasts ranging from 4.5% to 6.3% unemployment in the second quarter of the year and 4.5% to 7% in the third quarter. Median predictions for GDP growth are between -10% and

4% in the second quarter and -3.8% to 1.7% in the

third quarter.

International Business Times, March 21, 2020

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Impact on the Economy

According to a new survey from Veem, 27% of

businesses expect the coronavirus to have a moderate to high impact on their revenue. Another 30% expect the virus to have a moderate to high impact on their supply chain.

Even more revealing, over half or 52% say they

are taking measures to prepare for an economic

slowdown. They are increasing pricing, changing

suppliers, decreasing operational costs or protecting cash flow.

Small Business Trends, March 18, 2020

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Impact on the Economy

Locally, our world is changing. Three weeks ago

we were talking job fairs and looking to reduce the number of open positions, now we are preparing for the onslaught of job displacements.

The financial impact of social distancing has not

been fully analyzed, but with Governor Northam’s order to close all dine-in options, local restaurant revenues are declining and staff are feeling the effects in less hours and lower pay.

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Impact on the Economy

The 30-day closure of the hospitality industry

and non-essential business will have a significant impact on the community. SBA disaster loans are available to businesses in need for operating capital.

We are beginning to hear of supply chain

disruptions, making it more difficult for industry to function. If your company is having difficulties at this time, please let us know.

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Impact on the Economy

Fear among the workforce is real. Industry has

not experienced absenteeism yet. They are preparing for it to occur as the virus reaches our area.

Additional cleaning is taking place in many
industries. There is a new grant for smaller

business and industry to buy cleaning supplies

r technology for telecommuting that will be

administered through the state PDCs. More information will be available later this week.

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Impact on the Economy

The level of unemployment is rising locally, the

January rate was 4.7%. The impact will not be truly known for a couple of months due to the lag in reporting.

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What are we doing?

As of January 31st, we has a disaster designation for the

COVID-19, making our area qualify for SBA Federal Disaster Loans. https://disasterloan.sba.gov/ela/Declarations/Declaration Details?declNumber=6063685&direct=false

The US Small Business Administration’s Coronavirus

Preparedness Webpage offers resources for employers https://www.cdc.gov/coronavirus/2019- ncov/community/organizations/businesses- employers.html

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What are we doing?

Governor Northam has directed that the one week

waiting period and the requirement to conduct a weekly job search both be suspended for those receiving unemployment insurance benefits.

Additional SBA economic injury disaster loan

program information is now available; visit the Small Business Development Center for help applying for Economic Injury Disaster Loans and check out their new, easy-to-follow disaster loan guide.

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State and Local Resources

Governor’s Office has developed FAQs for Executive

Order Fifty-Three. https://www.governor.virginia.gov/media/governorvirgini agov/governor-of-virginia/pdf/Frequently-Asked- Questions-Regarding-EO-53.pdf

Information about the Port of Virginia is available on

their website. http://www.portofvirginia.com

Woods Rogers Legal Updates

https://www.woodsrogers.com/tag/coronavirus/

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State and Local Resources

Longwood Small Business Development Center
Halifax County Chamber of Commerce
Halifax IDA

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Business Services for COVID-19 impact March 25, 2020 Impact on the - - PowerPoint PPT Presentation

Business Services for COVID-19 impact March 25, 2020

Impact on the Economy

Today, it’s too early to determine the long- term impact on supply chains, manufacturing, and the American economy. Given the importance of consumer spending to the American economy, much will depend

Impact on the Economy

A survey of 34 economists by the Wall Street Journal revealed that a recession is on the horizon, with median forecasts ranging from 4.5% to 6.3% unemployment in the second quarter of the year and 4.5% to 7% in the third quarter. Median predictions for GDP growth are between -10% and

third quarter.

Impact on the Economy

businesses expect the coronavirus to have a moderate to high impact on their revenue. Another 30% expect the virus to have a moderate to high impact on their supply chain.

are taking measures to prepare for an economic

suppliers, decreasing operational costs or protecting cash flow.

Impact on the Economy

we were talking job fairs and looking to reduce the number of open positions, now we are preparing for the onslaught of job displacements.

been fully analyzed, but with Governor Northam’s order to close all dine-in options, local restaurant revenues are declining and staff are feeling the effects in less hours and lower pay.

Impact on the Economy

and non-essential business will have a significant impact on the community. SBA disaster loans are available to businesses in need for operating capital.

disruptions, making it more difficult for industry to function. If your company is having difficulties at this time, please let us know.

Impact on the Economy

not experienced absenteeism yet. They are preparing for it to occur as the virus reaches our area.

business and industry to buy cleaning supplies

administered through the state PDCs. More information will be available later this week.

Impact on the Economy

January rate was 4.7%. The impact will not be truly known for a couple of months due to the lag in reporting.

What are we doing?

COVID-19, making our area qualify for SBA Federal Disaster Loans. https://disasterloan.sba.gov/ela/Declarations/Declaration Details?declNumber=6063685&direct=false

Preparedness Webpage offers resources for employers https://www.cdc.gov/coronavirus/2019- ncov/community/organizations/businesses- employers.html

What are we doing?

waiting period and the requirement to conduct a weekly job search both be suspended for those receiving unemployment insurance benefits.

program information is now available; visit the Small Business Development Center for help applying for Economic Injury Disaster Loans and check out their new, easy-to-follow disaster loan guide.

State and Local Resources

Order Fifty-Three. https://www.governor.virginia.gov/media/governorvirgini agov/governor-of-virginia/pdf/Frequently-Asked- Questions-Regarding-EO-53.pdf

their website. http://www.portofvirginia.com

https://www.woodsrogers.com/tag/coronavirus/

State and Local Resources

Contact Info

Brian Brown Executive Director - Halifax IDA 434-471-0292