Survey of Idaho businesses confirms impact from coronavirus

More than 80 percent of Idaho businesses that participated in a recent survey to assess the economic impacts of the coronavirus pandemic said their revenue had declined and 51 percent reported a decrease in employment.
 The Idaho Business Impact Survey was conducted April 14-23 by the Idaho Department of Commerce in partnership with the Idaho State Department of Agriculture. The 1,255 valid responses confirmed a sharp economic downturn among Idaho businesses following the appearance of COVID-19 in March.
 The survey was distributed by department newsletters, social media outlets and to economic development organizations throughout the state, including the Snake River Economic Development Alliance.
 SREDA is a nonprofit, public-private partnership that markets Malheur, Payette and Washington counties to businesses and industries around the nation looking for a place to expand or relocate.
 The survey asked businesses questions related to jobs, revenue, international business and other areas of economic impact. Businesses were also asked questions about how long they thought it would take to recover. Finally, respondents were asked about what kinds of loans or grants would help with economic recovery.
 The survey was taken while the statewide stay-home order was in effect. Gov. Brad Little issued the order on March 25 in an effort to curb the spread of the coronavirus in the state. The action closed all non-essential businesses in the state and requested citizens to self-isolate at home. The 21-day order was extended to April 30, when it was replaced with the Idaho Rebounds plan to reopen businesses and ease restrictions in four stages through June.
 Among the survey findings, 69 percent of businesses in Idaho reported having to suspend some or all operations due to COVID-19.
 Half of businesses surveyed reported a decrease in employment. Prior to COVID-19, most of the respondent’s employment size was between 1-20 employees.
 More than four out of five businesses (83 percent) reported a decrease in revenue due to COVID-19. Of those, 41 percent said their revenue had dropped by more than 75 percent.
 There were also questions directed at businesses that do international business. Among the survey results, 67 percent of businesses reported their international business has been impacted by COVID-19. Nearly four out of five respondents (78 percent) said the pandemic had impacted their exports and 22 percent said their imports were affected.
 At the time of the survey, 30 percent of businesses said they expected to recover and be back to normal operations within six to 12 months. Some businesses were less optimistic, with 21 percent expecting the recovery would take longer than 12 months.
 Of those businesses surveyed, 43 percent said grants were the leading area of assistance needed.
 Gov. Little responded with the Idaho Rebound cash grants on May 1 for businesses. The state made $300 million available to businesses to assist with the economic recovery. The amount was the largest offered by any state, Little said.
 On May 18, the governor said the Idaho Rebound cash grants would be extended to self-employed Idahoans, who may now be eligible to receive up to $7,500.
 The application cycle for self-employed individuals will start on May 27. Applicants need to create a Taxpayer Access Point (TAP) account and are encouraged to do so prior to their application phase opening.