No, Thanks: Survey Shows More Than Half of Manufacturers Reject PPP Assistance
NEW YORK—Despite a tumultuous first half of 2020 that has significantly impacted manufacturing, a new study of hundreds of manufacturers, commissioned by the modern digital agency for manufacturers, Shift7 and conducted by Zogby Analytics, reveals that while four in 10 manufacturers say they’ve furloughed and laid off employees this year, 56 percent have not taken any form of government financial aid, including the Small Business Administration’s Paycheck Protection Program (PPP). At the same time, the survey shows they’re shifting focus to optimize their digital presence during this time.
“Every manufacturer can benefit from a more robust digital footprint right now, and the pandemic has given many the push into the space they needed to make it happen,” says Andrew Walker, CEO of Shift7 Digital. “This shift is paramount as brands need a stronger direct relationship with consumers, retailers and resellers alike. Manufacturers that are addressing this revolution are the ones that will survive and thrive in this environment and beyond.”