Page 5 - State of Small Business in Chatham County 2020

Dr. Michael Toma is a professor of economics specializing in
macroeconomics and regional economics in the Department of
Economics in the Parker College of Business at Georgia Southern University in Savannah,
GA. He has a Ph.D. in Economics from George Mason University in Fairfax, Virginia and
has a Master of Arts in economics and an undergraduate business degree from Miami
University in Ohio. He joined Armstrong State University in 1997 and continues today with
Georgia Southern University. Since 1997, his research on the regional economy has been
supported by funding totaling one million dollars.

In 2012, he was named the Fuller E. Callaway Professor of Economics, a University System
of Georgia award recognizing long-term excellence in teaching and research with students.
He was named as the Teaching Fellow and Service Fellow of the Academy of Economics
and Finance, prestigious awards recognizing long-term excellence in student instruction
and service to the organization. He served as the group’s President in 2018.

Trends in Small Business Employment

For this report, small businesses in Chatham County are defined as those employing 50 or fewer workers. The
most recent data available at the micro level is from the second quarter of 2020 when the pandemic’s effects on
the economy were firmly in place. From the previous year, county-wide employment decreased 12%, a loss of
approximately 17,000 workers, while small business employment decreased 8%, a loss of 5,000 workers. Small
business (less than 50 workers) share of total employment has been remarkably stable at approximately 40% of
total employment since 2008.
nd
Chatham County Employment (2 Quarter of 2020)
Firm Size: Firm Size: Firm Size: Firm Size:
< 50 employees > 50 employees < 50 employees > 50 employees

2020 54,062 86,003 2015 55,657 88,450

2019 59,003 98,127 2014 54,080 83,918

2018 58,286 95,644 2013 52,557 83,687

2017 58,365 92,127 2012 52,555 81,251

2016 57,394 90,001 2011 51,283 79,246

Source: Georgia Department of Labor, Quarterly Census of Employment and Wages. 12/2/2020.

Small Business Paycheck Protection Program:

Small businesses in Savannah were awarded loans totaling $440 million through the federal government’s Small
Business Administration Paycheck Protection Program. Of this, 90% of the loans were awarded to Savannah
businesses reporting fewer than 50 workers affected. These firms accounted for 60%, or $253 million, of total
awards and 60% (26,800 jobs) of the total number of jobs (44,664) affected among firms awarded PPP loans in
Savannah.
The average PPP award for businesses reporting fewer than 50 jobs affected was $65,000 with an average of 7
jobs affected. Of total PPP funds awarded to Savannah businesses, Healthcare firms received 15%, Professional
and Business Services firms received 14%, Accommodations & Food Services businesses received 13%,
Construction firms received 9%, Other Services firms received 9%, and Retail firms received 8%.