MEMPHIS, Tennessee —
In Monday's Ransom Note: COVID-19 and the Memphis economy.
The Greater Memphis Chamber is just out with a survey of its members --600 of them-- from all categories: personal, professional, and business services, restaurants, construction, and transportation.
I wanted to share it with you because it gives us a good read on how our business leaders are dealing with these unprecedented times. So far, 70% say they haven't had to layoff anyone, and 77% of those who have, laid off ten or fewer workers.
Business owners were asked how long their firm can operate under current conditions before they start showing financial distress, and it shows a good number already are: 39% said they'd be running into financial trouble in less than ten weeks, 34% said they expected trouble after ten weeks, and more than a quarter, 27% weren't sure.
Finally, a majority now have employees working remotely: 59%.
The experts say these numbers will get worse before they get better. Here's hoping in Memphis they don't get too much worse.
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