Greater Memphis Chamber Releases New Estimates of COVID-19 Business Impact as of March 26

Memphis, Tenn. (March 26, 2020)- The Greater Memphis Chamber today released the latest numbers from its ongoing COVID-19 Greater Memphis Business Impact Survey.

Based on current responses from business owners in the Greater Memphis region as of March 26, the Chamber estimates the following impacts on Memphis area businesses as a direct result of COVID-19:

• 72 percent of local businesses remain open (8 percent decrease since March 20)
  (NOTE: This indicates a business has locations that remain open. Some businesses have temporarily closed, but have not closed permanently.)
• 73 percent of local businesses have experienced changes to hours and hourly work schedules
• 50 percent of local businesses have moved employees to remote work (up 2 percent since March 20)
• 34 percent of local companies have reduced staff.
• Of those companies who have experienced staff reductions,
  • 52 percent have laid off fewer than 10 workers
  • 16 percent have laid off 11-30 workers
• 38 percent of local businesses say they do not anticipate additional layoffs in the next two weeks. 40 percent say it is too early to tell if they will need to lay off additional employees over the next two weeks.
• Of Food & Beverage establishments and Entertainment & Leisure establishments
  • 95 percent have experienced changes to hourly or hourly work schedules.
  • 39 percent have not laid off any workers.

Quote from Beverly Robertson, President & CEO of the Greater Memphis Chamber

“We are in constant contact with the local business community and we are translating the information they share with our local and state government leaders in a united effort to help Memphis and Shelby County minimize the impact of COVID-19-related disruptions to our economy,” said Beverly Robertson, President & CEO of the Greater Memphis Chamber. “The public and private sector are working hand in hand to help ensure that we retain as many jobs as we can and that we connect our businesses with the resources they need to stay afloat in this challenging climate.”

About the COVID-19 Greater Memphis Business Impact Survey

The Chamber is working in partnership with the Memphis and Shelby County COVID-19 Task Force to estimate the impact and needs of the local business community in an effort to gather critical data to inform recovery programs and recommendations to reignite the local economy after the public health crisis ends. The first round of the survey was distributed to Chamber member businesses on March 19. Phase two was opened to general businesses on March 23.

Results will be updated and aggregated weekly.

Phase 3 of the survey will launch on March 27.

In addition to the survey, the Chamber team members are making phone calls to local business owners to understand their immediate and near-term needs.

For more information, visit memphischamber.com

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MEDIA CONTACT:
Apryl Childs-Potter

Chief Marketing Officer

Greater Memphis Chamber

901-238-5521 (cell)

apotter@memphischamber.com