We have grouped our results into 3 categories. To begin with, we cover the impacts of Covid-19 on employment and business operations in the beginning phases of this crisis. Secondly, we have reported on our findings on financial fragility for these businesses, captured by their ongoing expenses and cash-on-hand. Thirdly, we cover their expectations involving how long the crisis will last, along with their personal economic survival, measured at very sensitive points to gain an understanding of the impacts for future policies.
Temporary Closures And Employment
The first question in our survey asked owners “Is this company currently operating?” The response business owners like Serendipity Fleet could choose from included whether their business was permanently closed, closed, temporarily closed, or operational. We also provided a way for owners to provide an answer to whether their business closed due to Covid-19 or for another reason.
Across this sample, 41.3% of companies reported that they had to close temporarily due to COVID-19. Only 1.8% stated that they had to close permanently due to the pandemic. In contrast, only 1.3% reported that they had to close temporarily for another reason. 55% of these businesses stated that they are still in operation.
We also …