Business Pulse: Suppliers Seek Financial Aid
TRSA closed the second round of its Business Pulse Survey of associate members/suppliers to the linen, uniform and facility services industry on May 4. The new survey added questions about federal loan programs, payment plans for customers and more.
In the initial survey that closed on April 3, 29% of survey respondents indicated that they would seek financial assistance and/or loans to get through the crisis. In the recently completed survey, 65% of survey respondents indicated that they had applied for a Coronavirus Aid, Relief and Economic Security (CARES) Act Paycheck Protection Program (PPP) loan. Additionally, 10% of survey respondents applied for a U.S. Small Business Administration (SBA) disaster loan and 20% sought deferred or delayed payments to creditors and suppliers as a result of the crisis. An overwhelming 90% of survey respondents noted that they had extended financial terms with their customers as a result of the COVID-19 pandemic.
The financial outlook remained relatively unchanged from the first survey to the second. In the latest survey, 40% of survey respondents expected it to take six months for business to return to pre-COVID-19 revenue levels while 30% expect it to take a full year. In the first survey, 29% of survey respondents expected business to return to pre-COVID-19 revenue levels in six months, with 39% expecting it to take a year for business to return to normal.
Click here to review the results of the first Business Pulse Survey for industry suppliers. Additionally, another Business Pulse Survey recently was sent to operator members through email.