COVID’s Impact on Downtown
Downtown Springfield Inc polled downtown businesses and non-profits from March 31-April 3 to find out what impact COVID-19 has had on our neighborhood.
More than 40% of respondents have experienced a drop in revenue above 75%. At least 20% of the downtown workforce has been laid off, mostly in the hospitality sector. This number is likely under-representative, as our survey broadly asked for “layoffs over 20 individuals” as a category, far below the number of employees likely impacted through 5% occupancy at our downtown hotels.
The need for rapid distribution of stimulus dollars is apparent in the survey results. Most restaurants can survive only 1-2 months in the current state; a majority of businesses can make it 3-5 months before being at risk of closing permanently.
Gap financing varies by sector as well — a majority of downtown retailers need gap financing through June 1 of less than $10,000, with a majority of bars and restaurants needing $20,000-$50,000 to make it through to that date.
If you are able, please keep supporting the businesses and non-profits who make Springfield a unique and wonderful place to live through takeout, gift cards and shopping for upcoming special occasions like Easter and Mother’s Day. You can find a list of Sangamon County businesses and their hours at SpringfieldZoom.com.