I wanted to share the results of the latest ACEC National Survey of member firms. Look for another ACEC Wisconsin survey going out this week.
This report includes an executive summary that highlights not only important significant results but also calls out differences in these results by firm size. A few summary bullets are below- the attached executive summary and full report provide more detail.
- 84% applied for the Small Business Administration (SBA) Paycheck Protection Program (PPP); 74% were approved.
- Of those that applied and were approved, 70% have received the funds in their bank account.
- More than one-third (37%) of firms think business will return to normal within six months, another 35% think it will take one or two years. One-fifth (21%) are either not sure or don’t think things will ever be the same.
- To shore up their finances firms are freezing non-essential purchases (50%), speeding up collections (38%) and freezing salary/pay increases (30%).
- 8% report working on new projects directly related to the COVID-19 pandemic response
- 12% report having business areas that are overperforming.
- 36% say they will re-open their office(s) when they feel it is safe to do so, regardless of what their governor says.
- 41% say they are working on a plan to ensure worker safety.
- Nearly half of firms (49%) say they will restrict or prohibit domestic travel for training/events/conferences after stay-at-home orders are lifted.
ACEC WI will also be sending out a survey to all key contacts so we can have responses specific to our state. Those results will be discussed on the next Virtual Roundtable. As always, please let us know what ACEC WI can do to help your firms during the ongoing health crisis.