participants, and 40% report concerns about the financial stability of customers or vendors. Only 20%
report concerns about PPP loan forgiveness.
Healthcare industry responses to a question asking how their business had changed included:
• “All services delivered via telehealth.”
• “Launched telehealth and Zoom and are using both extensively.”
• “Cannot do face-to-face encounters – moved to telephone and telehealth, which reimburse at
lower rates than face-to-face.”
• “Staying up-to-date on all healthcare plan requirements to better inform our clients and assist
them with health plan costs. Working remotely, via video for meetings, servicing members and
employers remotely.”
Manufacturing
The manufacturing industry has been hit hard, with 81% reporting business declines in the wake of
COVID-19 – and 40% say the decline is a steep one, while another 2% say they were forced to shut down
entirely.
While the impact has been severe for many, this is also a sector where innovation is thriving. 14% report
identifying a new market need or product line due to the pandemic, and have successfully pivoted to
capitalize on the opportunity. The majority of those that have developed new markets or products are
focused on producing personal protective equipment (PPE) or other pandemic-related needs, and
another 3% report shifting the focus of their sales efforts to industries that are faring better in the wake
of the coronavirus.
In the wake of the massive pandemic impact on manufacturing, 87% report securing a PPP loan. 30% say
they’re concerned about PPP Loan forgiveness, with an average concern level of 49 on a scale of 1 to
100.
15% report high morale, while 53% say it’s about the same and another 23% say it’s low – a somewhat
surprising result given the large-scale impact of business decline.
A small percentage (5%) say they expect revenue to increase in Q2 compared to the same period in
2019, and another 14% don’t expect to see a major change. The remaining 81% expect declines, and
34% expect those declines to be dramatic. Moving into Q3, the outlook improves somewhat, with 19%
forecasting a moderate increase in revenues over 2019 and another 33% expecting it to remain about
the same compared to the prior year. The outlook continues to brighten in Q4, with 26% expecting gains
and another 35% expecting revenue to be on par with the same period of 2019.
Economic recovery timing for the manufacturing industry leads the pack on the list of concerns in the
next 12 months, with 82% saying it’s high on their list. The financial stability of customers or vendors