This week ISME released their latest Survey on COVID-19 – There are some interesting changes in responses form the last Survey in January but still a lot of uncertainty, concern and worry for Small Business Owners.
- The survey found that 64% of respondents are availing of the TWSS or EWSS, making wages supports by far the largest liquidity solution availed of by business. Just 8% of those surveyed are availing of the COVID-19 Restrictions Support Scheme.
- The number of businesses who believe they can keep trading for more than 9 months has increased to 63%, up 13% from January.
- 16% of respondents were availing of the pandemic unemployment payment (PUP) as a self-employed person, the same as in January.
The fact that, the number of respondents who believe their business can operate for more than 9 months has increased to 63%, up 13% from January, is a very positive step. The number of respondents who believe their businesses will cease operating remains at 1%, similar to January.
Comment: The number of companies availing of Government assistance is still very high which leads us to ask how soon will SMEs get back to normal trading after the pandemic? Once the wage supports stop will Business’s be in a position to survive? What is the long term plan for the Government to support SME’s?
Read the full report here