Assessing the Financial Impact of the Pandemic on New Jersey Businesses and Nonprofits
The Heldrich Center is pleased to release a new data brief containing results from the New Jersey COVID-19 Business and Nonprofit Organization Survey. The brief examines the financial impact of the pandemic on New Jersey businesses and organizations. The brief summarizes the fiscal toll of the COVID-19 public health crisis on respondent businesses that were closed due to the pandemic, and those businesses that remained open. Even as they plan to reopen, the findings show that business and organization leaders who were ordered to close or chose to close expect the financial devastation to continue into the future. Because they are uncertain whether customers will return, and expenses are mounting, many are prepared to wait at least six months, if not longer, to see a return to business as it was before the pandemic.
The survey was conducted by Carl Van Horn, Ph.D., Distinguished Professor at Rutgers University and Director of the Heldrich Center, and Jessica Starace, Research Assistant at the Heldrich Center. The non-probability, online survey was distributed to New Jersey business and nonprofit decision-makers, leaders, and owners. The survey, which was conducted in both English and Spanish, was administered in partnership by the Heldrich Center and the State of New Jersey between May 21 and June 3, 2020. Respondents were evenly distributed across northern, central, and southern New Jersey. Half of the sample represents women- and minority-owned businesses. Most respondent businesses employ fewer than 10 workers and vary across sectors. More than 200 nonprofit organizations responded to the survey.