New study shows just how devastating COVID-19 has been to the SWFL economy

New study shows just how devastating COVID-19 has been to the SWFL economy

RELATIVELY SMALL NUMBERS OFEMPLOYEES WHO’VE TESTEDPOSITIVE.WE’RE GETTING A BETTER IDETONIGHT ABOUT WHAT COVID 19 ISDOING TO THE ECONOMY INSOUTHWEST FLORIDA.THE NEW INFORMATION IS COMINGFROM A STUDY BY FLORIDA GULFCOAST UNIVERSITY.AND IT SHOWS WHAT MANY HAVE BEENFEELING -- MOST COMPANIES ARESEEING ASIGNIFICANT DROP IN BUSINESS...AND SMALL BUSINESSES ARE GETTINGHIT THE WORST.FOUR IN YOUR CORNER’S ROB MANCHSPOKE WITH THE PROFESSOR WORKINGON THAT STUDY.INTRO:In many ways, this study isconfirming what Dr. ChrisWestley here at FGCU alreadysuspected:But the initial numbers aresurprising HIM, because theyshow that about 20 percent ofcompanies are laying off almosttheir entire workforce.PKG:One of the people feeling thatimpact is Steven Farmer.Steven Farmer, Laid Of"I got a phone call sayingthat, we had to lay you offbecause of COVID-19."Farmer worked at Golden BoatLifts in north Fort Myers.AND NOW, HE’S IN A BIND.

NOINCOME AND HE STILL HAS amortgage to pay and a family totake care of.Steven Farmer, Laid Off:"My fears of getting deeper anddeeper in debt, and eventually,not even being able to have aplace to live."It’s really devastated thesmall business owners, relativeto the larger ones."Dr. Chris Westley says Farmer isone of many people who have losttheir jobs due to theCORONAVIRUS.WESTLEY RELEASED HIS STORY STUDYTODAY.IT SHOWS MORE THAN 60-PERCENT ofcompanies say their business hasdropped by half.Dr. Chris Westley, FGCU Dean:"Their revenues have fallen bya large amount, and businessescan only stay in business iftheir revenues at least equaltheir costs."Westley STARTED THIS study lastweek.HE’S tracking several economicaspects of the crisis, but hasalready heard from almost athousand companies.Meanwhile, Farmer is trying tofile for unemployment, to getsome kind of income.unemployment, to get some kindof income."To know that, hey I might beable to make my house paymentthis month, or I might be ableto get food this month, andright now, the stress is justoverload, because I have no cluewhat’s going to happen."TAG:And Westley tells me, this isjust part 1 of the study.He plans to continue to gatherdata and to release