Chamber survey shows business community’s views on lockdown

Isle of Man Chamber of Commerce has published the latest results from its ‘Impact Tracker’ survey which serve as a barometer of the pandemic’s impact on businesses and the awareness of the Government’s support measures. 

Carried out on January 15th, in total there were 168 respondents from businesses representing a broad cross-section of the Island’s economy. 28% of the respondents are self-employed and 16% have between one and 10 employees. The full survey results can be viewed here. The main highlights include: 

  • Impact of lockdown on businesses so far (168 respondents) 
    • Positive: 1.79 % 
    • No impact: 27.38% 
    • Negative: 70.83% 
  • Impact on turnover/sales (117 respondents) 
    • Up to 20% reduction: 17.09% 
    • 20% to 50% reduction: 16.24% 
    • 50% to 75% reduction: 14.53% 
    • 75% to 100% reduction: 52.14% 
  • Cash reserves currently held (158 respondents) 
    • None: 7.59% (a total of 12 respondents) 
    • 1 month: 18.35% (29 respondents) 
    • 1 to 3 months: 26.58 % (42 respondents) 
    • 3 to 6 months: 27.85% (44 respondents) 
    • A year or more: 19.62% (31 respondents) 
  • Awareness of IOM Govt financial support (157 respondents) 
    • 84.71% are aware of the Covid19 Salary Support Scheme 
    • 85.99% are aware of Manx Earnings Replacement Allowance (MERA) 
    • 89.17% aware of the £1,500 single grant payment 
    • 51.59% aware of the Isle of Man Disruption Loan Guarantee Agreement 
    • 45.86% aware of the Business Adaptation Grant 
    • 2.55% said they were not aware of any IOM Government support schemes 

More than half of the respondents (57.42%) said they had either applied, or planned to apply, for one or more of the IOM Government’s support schemes.  

When asked if they have had to furlough employees, there was a mixed response from the 168 who answered – 82 (51.9%) said they had not had to furlough anyone, while 36 (22.78%) said some employees had been furloughed (the other 40 respondents said the question was not applicable to their business). In a separate question, two respondents said their business had made redundancies as a result of the current lockdown. Looking ahead, 107 out of 158 respondents said they did not expect to make any redundancies even if the lockdown was extended by another two weeks – but 15 said redundancies may be a possibility if that were to happen. Asked if they expected to have to furlough employees if lockdown was extended for another two weeks, 42 respondents said yes they would have to do that, and 73 said no they wouldn’t. 

Furlough

Chamber CEO Rebecca George commented: “We began conducting the Impact Tracker surveys during the Island’s first lockdown, and they proved to be an effective way to gather the opinions from the business community. As always, we’re grateful to everyone who took the time to take part because the results really do help to get an insight into how businesses are coping, their concerns about the future, and the support they need.” 

Impact tracker

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