Current business conditions: Minneapolis Fed survey, May 2020

The Minneapolis Fed wants to know how COVID-19 continues to impact your business!

The Minneapolis Fed is trying to gauge economic effects of COVID-19 in the Ninth District, a region that includes Minnesota, the Dakotas, Montana, northwestern Wisconsin and Michigan's Upper Peninsula.

We are partnering with local and state chambers of commerce, state and regional economic development associations and other business groups in each state to collect your feedback. Please take 4-5 minutes to help the Minneapolis Fed better understand conditions at this critically important time.

This survey will help Bank President Neel Kashkari better understand this evolving crisis which, in turn, will help the Federal Reserve System shape monetary policy to weather this economic shock.

All responses are anonymous. We expect to share respondent comments with survey partners, and potentially the public, to better spotlight challenges facing businesses. To maintain anonymity, please do not include any self-identifying information in any comments.

The Minneapolis Fed thanks you for your time and valuable insights. We wish you, your business and community much health and resilience going forward.

Ron Wirtz
Regional Outreach Director
Federal Reserve Bank of Minneapolis
612.204.5262
ron.wirtz@mpls.frb.org

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* 1. In what state is your firm located?

Minnesota -- Twin Cities region

Minnesota -- outstate/Greater Minnesota

Montana

North Dakota

South Dakota

Wisconsin

Upper Peninsula of Michigan

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* 2. In what sector does your company or organization do business?

Banking/finance

Construction

Entertainment

Food/lodging

Health care

Manufacturing

Natural resources & agriculture

Nonprofit

Professional/technical services

Retail

Transportation/distribution

Other (please specify)

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* 3. Overall impact: Please estimate COVID-19's effect on recent sales/revenue at your firm, and your revenue expectations in the near future.

	Lower by more than 75 percent	Lower by 50 to 75 percent	Lower by 25 to 50 percent	Lower by 5 to 25 percent	Mostly flat (+/-5 percent)	Higher (by any percent)	Don't know/not applicable
Sales/revenue in April 2020 compared with April 2019 levels	Sales/revenue in April 2020 compared with April 2019 levels Lower by more than 75 percent	Sales/revenue in April 2020 compared with April 2019 levels Lower by 50 to 75 percent	Sales/revenue in April 2020 compared with April 2019 levels Lower by 25 to 50 percent	Sales/revenue in April 2020 compared with April 2019 levels Lower by 5 to 25 percent	Sales/revenue in April 2020 compared with April 2019 levels Mostly flat (+/-5 percent)	Sales/revenue in April 2020 compared with April 2019 levels Higher (by any percent)	Sales/revenue in April 2020 compared with April 2019 levels Don't know/not applicable
Sales/revenue expected in May compared with April 2020	Sales/revenue expected in May compared with April 2020 Lower by more than 75 percent	Sales/revenue expected in May compared with April 2020 Lower by 50 to 75 percent	Sales/revenue expected in May compared with April 2020 Lower by 25 to 50 percent	Sales/revenue expected in May compared with April 2020 Lower by 5 to 25 percent	Sales/revenue expected in May compared with April 2020 Mostly flat (+/-5 percent)	Sales/revenue expected in May compared with April 2020 Higher (by any percent)	Sales/revenue expected in May compared with April 2020 Don't know/not applicable

Please elaborate on any effects (+/-)

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* 4. Workforce: What effect has COVID-19 had on current staffing levels at your firm?

	Significantly lower	Modestly lower	No effect/no change	Modestly higher	Significantly higher	Don't know
April 2020 levels compared with April 2019	April 2020 levels compared with April 2019 Significantly lower	April 2020 levels compared with April 2019 Modestly lower	April 2020 levels compared with April 2019 No effect/no change	April 2020 levels compared with April 2019 Modestly higher	April 2020 levels compared with April 2019 Significantly higher	April 2020 levels compared with April 2019 Don't know
Expected at the end of May compared with April 2020	Expected at the end of May compared with April 2020 Significantly lower	Expected at the end of May compared with April 2020 Modestly lower	Expected at the end of May compared with April 2020 No effect/no change	Expected at the end of May compared with April 2020 Modestly higher	Expected at the end of May compared with April 2020 Significantly higher	Expected at the end of May compared with April 2020 Don't know

Please elaborate on any staffing changes (+/-). Are you permanently cutting or furloughing employees?

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* 5. Wages: What has happened to average wages at your firm?

	Wage cuts of more than 10 percent	Wage cuts of 1-10 percent	No change/wage freeze (+/- 1 percent)	Wage increase (any amount)	Don't know
Average wages at the end of April compared with pre-virus levels	Average wages at the end of April compared with pre-virus levels Wage cuts of more than 10 percent	Average wages at the end of April compared with pre-virus levels Wage cuts of 1-10 percent	Average wages at the end of April compared with pre-virus levels No change/wage freeze (+/- 1 percent)	Average wages at the end of April compared with pre-virus levels Wage increase (any amount)	Average wages at the end of April compared with pre-virus levels Don't know
Additional wage actions expected over the coming three months	Additional wage actions expected over the coming three months Wage cuts of more than 10 percent	Additional wage actions expected over the coming three months Wage cuts of 1-10 percent	Additional wage actions expected over the coming three months No change/wage freeze (+/- 1 percent)	Additional wage actions expected over the coming three months Wage increase (any amount)	Additional wage actions expected over the coming three months Don't know

Please elaborate on recent/expected wage actions:

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* 6. Re-opening: As shelter-in-place and other virus-related restrictions or practices are loosened, how will your firm respond in terms of hiring and general operations?

	Yes, immediately	Yes, gradually over the coming weeks	Not sure	No immediate change or action expected over the coming month	No change or action expected over the coming 3 months	Not applicable
Return to normal business hours/regular operations	Return to normal business hours/regular operations Yes, immediately	Return to normal business hours/regular operations Yes, gradually over the coming weeks	Return to normal business hours/regular operations Not sure	Return to normal business hours/regular operations No immediate change or action expected over the coming month	Return to normal business hours/regular operations No change or action expected over the coming 3 months	Return to normal business hours/regular operations Not applicable
Rehiring of laid off workers	Rehiring of laid off workers Yes, immediately	Rehiring of laid off workers Yes, gradually over the coming weeks	Rehiring of laid off workers Not sure	Rehiring of laid off workers No immediate change or action expected over the coming month	Rehiring of laid off workers No change or action expected over the coming 3 months	Rehiring of laid off workers Not applicable
Return of existing staff to in-office work	Return of existing staff to in-office work Yes, immediately	Return of existing staff to in-office work Yes, gradually over the coming weeks	Return of existing staff to in-office work Not sure	Return of existing staff to in-office work No immediate change or action expected over the coming month	Return of existing staff to in-office work No change or action expected over the coming 3 months	Return of existing staff to in-office work Not applicable
Hiring of new (non-furloughed) workers	Hiring of new (non-furloughed) workers Yes, immediately	Hiring of new (non-furloughed) workers Yes, gradually over the coming weeks	Hiring of new (non-furloughed) workers Not sure	Hiring of new (non-furloughed) workers No immediate change or action expected over the coming month	Hiring of new (non-furloughed) workers No change or action expected over the coming 3 months	Hiring of new (non-furloughed) workers Not applicable

How are workers responding to the concept and practice of reopening?

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* 7. Emergency aid: Please describe your experience with emergency government aid and assistance programs.

	Yes	No	In progress; awaiting decision	Not applicable
Have you applied for emergency government aid (federal, state or local)	Have you applied for emergency government aid (federal, state or local) Yes	Have you applied for emergency government aid (federal, state or local) No	Have you applied for emergency government aid (federal, state or local) In progress; awaiting decision	Have you applied for emergency government aid (federal, state or local) Not applicable
Did you find a lender to accept your application(s)?	Did you find a lender to accept your application(s)? Yes	Did you find a lender to accept your application(s)? No	Did you find a lender to accept your application(s)? In progress; awaiting decision	Did you find a lender to accept your application(s)? Not applicable
Have you received funding from emergency aid applied for?	Have you received funding from emergency aid applied for? Yes	Have you received funding from emergency aid applied for? No	Have you received funding from emergency aid applied for? In progress; awaiting decision	Have you received funding from emergency aid applied for? Not applicable

Please elaborate on your aid application/receipt experience, or the expected effect of aid on your business:

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* 8. Solvency: If current economic conditions persist, how long could your firm stay solvent?

Less than a month

1-3 months

4-6 months

Longer than six months

Don't know

Additional comments

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* 9. Staffing levels: How many full-time equivalent workers does your firm employ?

No paid employees; sole proprietorship

1 to 10

11 to 50

51 to 250

more than 250

Comments:

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* 10. Please check any/all that apply to your firm's ownership:

Race/ethnic minority owned

Woman owned

Veteran owned

None of the above

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* 11. What do we need to know? What would you tell the Minneapolis Fed regarding your business and the current economic environment? (Open-ended; write as much as you like.)

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* 12. Optional. Please include your contact information if you would like to receive information from the Minneapolis Fed on pandemic-related research and resources, including any results published regarding this survey.

Name

Company

State/Province

Email Address