A cautious approach to returning to work is favoured by businesses in the island.

Nearly half of those who took part in a survey backed the construction industry going back but had reservations about it.

Statistics from the latest in a series of weekly surveys carried out by Isle of Man Chamber of Commerce have provided more insights into the impact of the Covid-19 emergency on businesses.

The island’s biggest business organisation created its ’impact tracker’ surveys to serve as a barometer of the pandemic’s impact on businesses and the effectiveness of the government’s support measures.

The results of the fourth weekly poll - conducted between April 24 and May 1 - are based on responses from 222 businesses from a broad cross-section of sectors.

Highlights include:

l39% of the respondents supported the government’s phased return to work for the construction industry, and a further 49% supported the move but with reservations

l47% have applied for the Business Grant and 42% have applied for the Salary Support Scheme

l30% said they have received the Salary Support Scheme and 67% had received the business grant

l96% of respondents have seen a decrease in revenues

The polls are open to anyone, and the businesses that take part vary each week - so it’s important to bear that in mind when trying to identify trends from one week to the next.

Chamber president Caren Pegg said: ’The latest survey appears to indicate a consensus broadly in favour of Government’s recent announcement regarding the construction industry with 88% supporting that development. However, with almost half of the respondents having reservations about that move, it’s also fair to say that a cautious approach to returning to work is also favoured.’

Here are some of the other headlines from the survey:

General impact

A quarter of respondents believe the current situation will impact their business in a month’s time and a further quarter believe it will impact in three months’ time. 13% of respondents believe their business will be impacted in six months’ time.

Government support

36% of the respondents stated they expect to tap into government financial support in the next three months.

15% stated they expect to require up to £10,000 in financial support over the next three months.

At the time of completing the survey, 67% of respondents were still awaiting payment of the Salary Support Scheme and 25% were waiting to receive the Business Grant.

Cash flow concerns

Cash flow remains a concern with 37% stating they have one to three months’ reserves. 15% have no cash reserves and 17% only have one month.

Businesses furloughing employees or reducing workforce

The number of businesses planning to offer temporary leave of absence has decreased since the last survey with 66% of respondents now stating that they do not plan to permanently reduced their workforce. 89% do not plan to make any permanent reductions in their workforce.

Business continuity

Half of this week’s respondents have had to temporarily close their business.