Chamber of Commerce survey shows company cash flow issues
Half of businesses are planning to furlough their employees, due to the ongoing challenges posed by Covid-19.
The Island's Chamber of Commerce has released the results of its second survey, looking at the economic impact of the coronavirus pandemic.
The questionnaires have been completed by 431 businesses, across a number of different sectors.
In the latest responses, it's been revealed that half of businesses plan to furlough staff in the next week.
80% expect to survive the crisis
It also shows that 94% of respondents are seeing a decline in revenue - more than 90% for two-thirds of businesses that took part.
Seventy per cent of businesses said they've had to temporarily close, and nearly half said they expect to continue being affected for the next three months.
Whilst many are struggling, the survey shows more than 80% expect their business to survive the current situation, as long as they're supported by government.
Government support
Awareness of the various government support schemes was also illustrated in the survey, with the Salary Support Scheme, MERA and the Business Support Scheme garnering the most attention.
Sixty-eight per cent of participants have requested funding.
The next 'Impact Tracker' survey will capture data from 16 to 22 April, and will look at how many businesses are not eligible to recieve support from the schemes.
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