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Coronavirus Business Impact Tracker

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The BCC’s new tracker will serve as a barometer of business’ response to the government’s measures and changes to business’ working practices over the next few months. It will also track how quickly new government interventions, introduced to deal with the real-world impact of this crisis, are getting to the businesses at the front line.

 

Week 1 

 

BCC Coronavirus Business Impact Tracker:

First results show heavy toll on UK business communities as majority of firms face cash flow crisis

Results from the BCC’s first Coronavirus Business Impact Tracker paints a concerning, if unsurprising, picture for business communities affected by Coronavirus.

  • Sharp and significant fall in domestic and overseas revenue for UK businesses.
  • The majority of firms (62 per cent) have three months’ cash in reserve or less.
  • Almost half of respondents (44 per cent) expect to furlough at least 50% of workforce in the next week.

 

 

Week 2

 

BCC Coronavirus Business Impact Tracker:

Businesses not yet successfully accessing government loan and grant schemes

Results from the second BCC Coronavirus Business Impact Tracker reveal that most businesses have not yet successfully accessed the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and the grants for small businesses.

  • Just 1 per cent of firms had successfully accessed CBILS and 7 per cent are receiving grants.
  • 57 per cent of firms have three months cash in reserve or less, 6 per cent of respondents have already run out of cash.
  • 37 per cent of respondents said they were planning to furlough between 75 to 100 per cent of their workforce over the next week.
Take a look at the highlights

 

Week 3

 

BCC Coronavirus Business Impact Tracker:

Two-thirds of respondents awaiting funds from furlough scheme as payday approaches.

Results from the third BCC Coronavirus Business Impact Tracker reveal that the majority of businesses responding to the survey have now furloughed a proportion of their workforce, and are awaiting funds from the government’s Job Retention Scheme to enable them to pay staff.

  • 66% of survey respondents have furloughed staff in anticipation of scheme going live.
  • More than half of firms (59%) have three months cash in reserve or less.
  • 2 per cent of firms surveyed had successfully accessed CBILS and 15 per cent of those surveyed are now receiving grants.

Take a look at the highlights

 

 

Week 4 

 

BCC Coronavirus Business Impact Tracker: 

More than 70 per cent of firms surveyed have furloughed staff as scheme goes live

Results from the latest BCC Coronavirus Business Impact Tracker reveal that the vast majority of businesses surveyed have furloughed a proportion of their workforce, and are awaiting funds from the Coronavirus Job Retention Scheme as payday approaches for many.

  • 71 per cent of survey respondents have furloughed staff, up from 66 per cent last week
  • Cash flow remains a significant concern for many businesses - 6 in 10 have less than three months’ cash in reserve

 

Week 5

 

BCC Coronavirus Business Impact Tracker:

Loan schemes still slow to help many cash-strapped firms – but furlough scheme preventing redundancies

Results from the latest BCC Coronavirus Business Impact Tracker reveal the majority of businesses surveyed ahead of changes to the scheme announced on 27 April did not intend to seek financial support through CBILS bank loans and most of those who had applied were awaiting a decision or had been unsuccessful.

 

Week 6

 

BCC Coronavirus Business Impact Tracker: 

most firms can be ready for ‘restart’ within three weeks

Results from the latest BCC Coronavirus Business Impact Tracker reveal the vast majority of firms surveyed say they will require three weeks or less to prepare to restart operations alongside any loosening of the UK lockdown.

Smaller businesses may be able to restart operations more quickly. Almost two-thirds (64 per cent)of respondents employing fewer than 10 people say they would need less than one week, compared to half (50 per cent) of respondents with more than 50 employees.

 

Week 7

 

BCC Coronavirus Business Impact Tracker:

Firms ready to embrace ‘new normal’ but government support must adapt

Results from the latest BCC Coronavirus Business Impact Tracker reveal that firms are ready for a gradual reopening of the economy but will need continued, adaptable government support during a phased return to work.

  • Over 70 per cent of respondents have furloughed a portion of their staff.
  • Nearly three quarters of these firms have submitted a claim to the furlough scheme and received payment.
  • The Job Retention Scheme has prevented redundancies for vast majority of respondents. 

 

 

Results from the latest BCC Coronavirus Business Impact Tracker reveal that the majority of firms surveyed are in a position to partially restart operations as lockdown restrictions are eased:  

 

  • 83 per cent of respondents report that they know some or a lot of details about government guidance on working safely 
  • 37 per cent of firms report they can implement the guidance and fully restart, and 45 per cent report they can partially restart 
  • 85 per cent of respondents have received payment from furlough scheme 

 

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