If you have more than one establishment, you should be aware of the special circumstances under which you need to submit a Business establishment status report. This data provides valuable insight into the health of different kinds of establishments, from multi-establishment companies to establishments that do not have any employees. Moreover, the data is useful for identifying establishments that are contracting or expanding. In some rare cases, there may even be no employees, but the report can still identify the situation.
Business establishments are surviving the pandemic
The COVID-19 pandemic has had a profound effect on the small business sector. The JPMC Institute has estimated that as of March 13, 2020, there will be approximately 2 million fewer active businesses. Small businesses that experienced some impact were forced to curtail their operations as orders for stay-at-home workers increased. Other businesses adapted their operations to deal with these orders. In addition, many consumers reduced their spending and shifted it online. While cash balances recovered, revenues remained down compared to a year ago.
Despite this, the results of a recent survey indicate that business establishments are surviving the pandemic. In the survey, 90% of businesses surveyed said that they were open on December 31, 2020. Only 6% of respondents said their firms would be closed forever. These results are analyzed to determine the probability of survival. In addition, growing literature has shown that entrepreneurs tend to overestimate their prospects, so the true survival rate is likely to be lower.
Multi-establishment companies are considered multi-establishment companies
Multi-establishment companies must file their annual report under the EEO program. This report must be filed for all establishments with at least one employee. This type of company does business at more than one location. There are two types of reports – Type 6 and Type 8. The Type 6 report does not include employee counts for each EEO-1 category or race and ethnicity. Rather, it focuses on company information.
A multi-establishment company must file a report covering all of its establishments and headquarters location. If an establishment employs 50 or more people, the company must file separate reports for each. A consolidated report must contain the name of each establishment that employs less than 50 people and the total number of employees. The type of establishment must be categorized by the number of employees.
For these companies, filing a report is more complicated. The EEOC requires multi-establishment employers to file a consolidated report, not a separate report for each location. The government does not discriminate based on size of establishments, so a consolidated report must be filed instead. But there are a few steps to follow for this type of company.