German American Network COVID-19 Survey Results
Remarkable confidence in economic strength and business outlook.
June 22, 2020, Atlanta, GA — On June 5, 2020, the GACC South released preliminary results of a survey conducted between May 14th and June 1st amongst 101 companies on a wide range of question related to COVID-19 and its business impact. The key takeaway was that, against the national trend, 2/3 of the companies have not laid-off or furloughed any employees and do not plan to do so.
Further analysis shows that nearly 90% of companies who state to have financial difficulties have fewer than 50 employees whereas lack of demand is almost evenly a problem regardless of company size.
34% of foreign companies had to furlough/lay off employees while only 23% of US companies had to do so. Additionally, a higher percentage of US companies successfully obtained financial aid, but fewer foreign subsidiaries applied for the aid.
80% of companies that successfully applied for financial aid or other loans related to COVID-19 applied solely for the Paycheck Protection Program (PPP).