In an effort to represent business interests with local government and to better illustrate the economic effects of the COVID-19 pandemic on Grays Harbor businesses, Greater Grays Harbor, Inc. (GGHI) recently conducted a Business Impact Survey.
The survey found that 4 in 5 Grays Harbor businesses are experiencing revenue declines due to the pandemic, and that the retail and hospitality industries have been hit the hardest with nearly a third of respondents from these sectors projecting a long term employment drop greater than 30%.
The survey also found that nearly half of businesses were approved for an SBA Paycheck Protection Program (PPP) loan, while 28% of businesses report a need for additional funding to prevent layoffs or business closure. Coastal communities reported the largest need for additional funding, with half of all businesses from Westport and Ocean Shores reporting a critical need for additional funding.
Survey data was shared with local, state, and federal officials to demonstrate the current and future economic impact of the pandemic in Grays Harbor. GGHI will be conducting a follow-up survey in September, and encourages all local businesses to participate. Be sure to join the GGHI newsletter list at graysharbor.org to be notified when the next survey is open.
Read the full article with additional survey results by visiting graysharbor.org/newsroom/
About Greater Grays Harbor, Inc.
Greater Grays Harbor is a Regional Chamber of Commerce and Economic Development Council that partners with local businesses, community groups, and government at the local, regional, state and national levels to encourage economic development, business growth, and professional development.