Pandemic’s economic downfall is long-lasting, recent business survey shows

Pandemic’s economic downfall is long-lasting, recent business survey shows
Many small businesses have been forced to close up shop in light of the pandemic.(File image) (Source: HNN)

HONOLULU, Hawaii (HawaiiNewsNow) - Economic onslaught from the coronavirus pandemic is having a lasting impact on Hawaii businesses.

The Hawaii Chamber of Commerce recently surveyed more than 300 local businesses.

The results of the survey showed that more than two thirds of businesses continue to face severe revenue loss at an average rate of 45% statewide.

Chamber of Commerce leaders also say that nearly half of the businesses surveyed needed to reduce their workforce. For some, federal Paycheck Protection Program funds prevented them from making cuts.

While Oahu businesses reported cutting nearly a third of jobs, neighbor islands say they’ve had to lay off five out of every nine employees. 

Almost everyone surveyed supported some kind of relief for their unemployment taxes.

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