Marshfield Business Impact Survey sheds light on local COVID impact
By Hub City Times
MARSHFIELD – Business impact survey results released by several Marshfield organizations is shedding some light on COVID-19’s impact in the community.
“In response to the COVID-19 crisis, economic development partners within the city of Marshfield, Marshfield Area Chamber of Commerce and Industry, and Main Street Marshfield have collaborated to assess priority business needs,” said Main Street Executive Director Kaelie Gomez. “In order to combat deterioration now and rebuild when this is behind us, we need to understand what is challenging businesses most.
Nearly 150 area businesses participated in the survey, which allowed the organizations to provide needed resources.
“This business impact survey was distributed within our networks. Results have allowed us to identify and share relevant resources. We’ve also been talking with local businesses to address unique issues directly. The situation is rapidly changing, so a proactive response means an ongoing conversation,” Kaelie added.
Of the businesses responding, 72 percent had been in business for over 10 years and 78 percent are locally owned.
Sixty-eight percent of the businesses suspended storefront operations during the COVID outbreak and 49 percent have seen revenue decreases of over 50 percent; 60 percent are at risk of losing employees and 40 percent are at risk of closing within five months without assistance or intervention.
Just 25 percent of those businesses have an online sales component. The survey also saw requests for social media support as well as training in succession planning.
Financial assistance available for local business
SBA Economic Injury Disaster Loans
A working capital loan with a 3.75 percent rate for businesses and 2.75 percent for nonprofits.
Available for businesses with fewer than 500 employees, including cooperatives, ESOPs, sole proprietors, independent contractors, and most private nonprofits.
Emergency grants of up to $10,000 are available for eligible applicants with no obligation to repay the grant.
Paycheck Protection Plan
As part of the CARES Act, the plan provides 100 percent federally-guaranteed loans to small businesses.
Payroll costs, interests on mortgages, rent, and utilities can qualify.
Loans may be forgiven if borrowers maintain payrolls during the crisis or restore payrolls afterward.
The CARES Act has also increased unemployment benefits
For more assistance on these programs or other business concerns or assistance, contact MACCI at 715- 384-3454, Main Street Marshfield at 715-387-3299, or the Marshfield Department of Development Services at 715-486-2075.