MADISON, Wis. — The Greater Madison Chamber of Commerce has partnered with six other area groups to give everyone a clearer understanding of the economic impact of COVID-19 on small businesses in Dane County.

The effort also included partners from Downtown Madison, Inc., Madison Black Chamber of Commerce, Latino Chamber of Commerce, DeForest Windsor Area Chamber of Commerce, Fitchburg Chamber Visitor and Business Bureau, and Middleton Chamber of Commerce.

Together they revealed the results of a fall business survey of 503 businesses.

The results show 78% of those businesses reported their revenue declined since march.

30% saw their revenue cut in half, and 53% had to reduce benefits or cut staff.

“We need to support those businesses because the fact of the matter is if we don’t do it now, they won’t be around in the spring,” says Jason Ilstrup of Downtown Madison, Inc.

3% of those small businesses have already closed and 1% say they’re closing in the next month.

“Losing your job is horrific, right. I mean… but losing a small closely held business is devastating,” says Zach Brandon of the Greater Madison Chamber of Commerce. “People maybe don’t realize the impact of a loss of business, the loss of of generational wealth potential, the loss of any semblance of retirement.”

30% say they’ll close by June 2021 if existing government regulations don’t change.

“Our businesses have really done the best that they can thus far short of just closing the door and throwing in the towel,” says Camille Carter of the Madison Black Chamber of Commerce

“I see our businesses constantly coming to the chamber and they’re in peril,” says Jessica Cavazos of the Latino Chamber of Commerce of Dane County. “They don’t know how they’re going to survive past the winter.”

The survey results show economic confidence is low with 13% of respondents reporting they feel the Madison area economy is excellent right now. That number was 81% before the pandemic.

The group says they feel elected leaders and health officials have left businesses owners out of the decision making process when making choices that impact small businesses.

“We want to be at the table with elected officials when making decisions about business, the future recovery and reopening of businesses,” says Deb Archer of Destination Madison. “When we get to a place to make modest changes and as we go on, bring us to the table.”