Data & Results – Q2 2020

July 8, 2020

The CFO Survey Shows Business Confidence Beginning to Rebound as Firms Grapple with Effects of COVID-19

Findings show that CFOs and other financial decision-makers were more optimistic in the second quarter compared to the first quarter. Still, firms expected revenue growth to be negative, on average, in 2020.

Revisions to The CFO Survey Data

CFO Survey data from Q2 2020 to Q4 2024 have been revised in accordance with an annual revision process. Revised historical data are available for download. Comparisons of revised and previously published estimates are also available.

Historical special question results are unrevised and available on archived quarterly results pages.

For more information on the annual data revision process, please refer to The CFO Survey Methodology.

Special Questions on Effects of COVID-19

The second quarter CFO Survey included special questions on the effects of COVID-19 on firms’ employment, revenue, and use of the Paycheck Protection Program.

        ,Mean,Median,25th Percentile,75th Percentile
Pre-COVID (early March) to mid-June,-5.45949,0,-6.89655,0
June to end of 2020,0.04386,0,-0.57971,2.380952
Full-Year 2021,4.226954,2,0,5.586592

Note: Data reflect results for 244 to 265 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Responses are weighted by employment (truncated at 85th percentile) and winsorized at 2.5% and 97.5%.

        ,Percent
Pre-Covid through end of 2020,-5.1431742
Pre-Covid through end of 2021,-2.160461

Note: Data reflect results for 263 to 266 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Responses are weighted by employment (truncated at 85th percentile) and winsorized at 2.5% and 97.5%.

        Why Reduce,Percent of Firms
Reduced Demand,83.1
Firm Liquidity,22.9
Supply Chain Disruptions,19.3
High Labor Costs from COVID Protocol,18.1
Other,24.1

Note: Data reflect results for 83 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Firms received this question if they indicated they reduced their number of domestic, full-time employees since early March 2020. Percentages do not sum to 100 because respondents could select up to three options.

        Receive PPP,Percent of Firms
Yes,93.3
No,6.7

Note: Data reflect results for 75 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Firms received this question if they selected Government as the lender for a loan request.

What share of the PPP loan amount received do you expect will be forgiven?
Mean	94.6%
Median	100%
25^th Percentile	99.0%
75^th Percentile	100%

Note: Data reflect results for 68 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Firms received this question if they selected Government as the lender for a loan request and received PPP funds.

By roughly what percentage do you anticipate the COVID-19 pandemic will change your calendar year 2020 revenue?
Weighted Mean	-13.8%
Weighted Median	-10.0%
25^th Percentile	-20.0%
75^th Percentile	-5.0%

Note: Data reflect results for 250 U.S. firms responding to the Q2 2020 survey conducted June 15–26. Responses are weighted by sales revenue and winsorized at 2.5% and 97.5%.