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Tuesday, 04 January 2022 22:15

National Survey of Auto Body Shops Finds Revenues Going Up but Concerns Rising as Well

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...make it through 2022.

 

“Our business is currently stronger than it’s ever been,” a Missouri shop owner said.

 

“This company has made it through many ups and downs since it opened in 1984,” a Wisconsin shop manager said.

 

“Scheduling out two months,” a North Carolina shop owner said.

 

An optimistic Minnesota shop manager pointed to his shop’s five-month backlog of work and “plenty of business in our area,” though he did acknowledge concern that 75% of the shop’s employees will retire within the next five to 10 years.

 

“Need fresh faces ASAP,” he said.

 

The survey found among the collision repair businesses that said they received a second-round Small Business Administration Paycheck Protection Program (PPP) loan in 2021, 70% said they have already received loan forgiveness. None of the shops surveyed reported having their loan forgiveness application rejected, but 20% said they still planned to apply to have the loan forgiven, and the remaining 10% were undecided about applying.

 

Among those who said they received a first-round PPP loan in 2020, 84% said the loan had been forgiven; the balance either had not applied for forgiveness, were awaiting approval or were undecided about seeking forgiveness, but again, none reported having their loan forgiveness application rejected.

 

2021 1220 ppp loans Updated Version

 

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