07/16/2020

Events industry faces long-term damage from COVID-19

Few industries are experiencing greater long-term damage from the coronavirus pandemic than the live events industry.  Almost every significant trade show and conference scheduled for the rest of 2020 has been cancelled. The Paycheck Protection Program (PPP) has been a vital lifeline for the many small businesses in this industry. However, with most major events not expected to resume until 2021, the industry needs a targeted, longer-term assistance program to help preserve its 2.8 million jobs.

The events industry is a strong contributor to our economy and it has a major impact too. Here are some key stats you might not be aware of:

• The events industry adds $885 billion to U.S. GDP every year;
• The industry directly employs about 2.8 million people;
• The industry supports roughly 6.6 million jobs directly and indirectly.
• The industry produces $117 billion in federal, state and local taxes annually;
• 80% of companies that support conferences and trade shows are small businesses;
• A high percentage of the workers who help stage live events are blue collar workers, including truckers, carpenters and painters.

 

A high percentage of the workers who help stage live events are blue collar workers, including truckers, carpenters and painters. Many small businesses in the live events industry have taken advantage of the Paycheck Protection Program (PPP). The Small Business Association (SBA) records show that PPP loan recipients that manage and support trade shows employ 179,631 people. These forgivable loans have helped many employers survive the first difficult months of the coronavirus crisis. But, we still need a bridge to 2021!

We have some thoughts on that and will provide some details in our next blog on the subject. Hope you tune in.