COVID-19’s Impact on New England Private Companies: Survey Results

Over the last few months, we have seen unparalleled uncertainty in the economy and for companies across the world. In response, we conducted a survey to measure the pulse of financial leaders of private companies in New England as they react to the COVID-19 pandemic. 

Results of the hundreds of responses collected indicate that these financial leaders are greatly concerned about the impact on their businesses. Most of the respondents (81%) expect a medium or high amount of impact to their business. However, despite the level of concern and uncertainty, almost 33% of respondents don’t anticipate having to make any significant changes.

Key insights include:

  • 88% Anticipate some or all staff continuing to work remotely
  • 74% Have improved liquidity through loans or pursued bank debt modifications
  • 68% Have not yet taken advantage of employee credits/payroll tax deferrals or other CARES Act tax items at the time of response 
  • 55% Expect significant ramifications by the end of 2020 if business remains restricted
  • 39% Have already made or will have to make significant changes by the end of 2020 given their current available cash borrowing

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