Officials with the El Paso Hispanic Chamber of Commerce announced Friday the results of a survey from their members, as well as plans to conduct a webinars for businesses next week.
With a membership roster of over 1300 businesses, during this COVID-19 Pandemic, many are struggling to remain open, especially after the recent “Stay Home, Work Safe” directive from City and County leaders.
In an effort to better assist those businesses, the El Paso Hispanic Chamber surveyed members to gauge their critical financial needs during this crisis and received almost 400 responses in just a couple of days.
“Most businesses surveyed would apply for loans ranging between $10,000 to $50,000 and $150,000 to $300,000 for their businesses financial and operational functionality,” officials shared. “Over 32% of businesses surveyed believe they would not be able to remain functional for the next 3 months without some kind of financial assistance. Another 32% believe that period would be 6 months or less.”
“Over 42% of those surveyed are currently in the process of applying for assistance from Federal, State and Local Governments.” officials added.
The Federal Government recently signed a 2.2 Trillion dollar stimulus package to assist businesses during the COVID-19 pandemic.
86% of respondents are looking to obtain SBA Disaster Relief Loans; to that end, the El Paso Hispanic Chamber is available virtually to assist the community in applying for funds or grants available by the SBA, and to answer any questions.
The primary use of funding, should respondents receive assistance, would be to pay for and maintain inventory, monthly expenses, maintain payroll for employees that are still working, and to pay for rent obligations.
Over 63% of those surveyed are hoping to receive some assistance in the next two weeks, to keep their businesses functional. Many of the businesses that were surveyed to do not have a business continuity plan in place for disaster situations, almost 85%.
Next week, EPHCC will be hosting a webinar with Mike McQueen, from Kemp Smith Law Firm, to discuss HR issues that COVID-19 presents, and how to navigate them.
Additionally, they will host Leila Melendez, CEO for Workforce Solutions Borderplex during a live Town Hall to discuss workforce solutions for businesses and employees; as well as a webinar with ESEI to discuss Going the Distance: Tech for Working from Home while many are being asked to work from home.
“We are working to help aid businesses and employees impacted by the current public health crisis by hosting virtual webinars with financial institutions in our “Cash, Coin and Conversations” webinar series, as well as a webinar with our local SBA office,” EPHCC officials shared.
EPHCC also rolled out a new webpage within their main website, that is updated with current and relevant information to help the community during these trying times.
“The El Paso Hispanic Chamber is dedicated to helping the community remain informed with the most up to date information about the virus and its effects on the our society,” officials added.