Strome Business Minute With Dr. Jeff Tanner

757 Recovery released the results today of its study of local businesses. The group is comprised of area economic organizations like the Chambers, the Economic Development Alliance, and the Workforce Councils, along with the Strome College of Business at ODU. Data indicate that the impact of the COVID crisis is wide-spread. Two-thirds say business is down at least twenty-five percent, with about twenty one percent reporting that they’ve lost over half of their usual sales. Ten percent have closed permanently. There is some good news. Nearly half report that the CARES Act has helped, particularly older established businesses. Some businesses have actually grown during the crisis and one in four expect to begin hiring workers in June. The full report is available at 7 5 7 Recovery dot com. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.