More than 350 small business owners offer insight on impact of COVID-19 pandemic
WALTHAM, Mass., April 03, 2020 (GLOBE NEWSWIRE) -- business.com asked more than 350 small business owners from across the country how their businesses are faring in the wake of the coronavirus. The responses underscored the bleak conditions facing the more than 28M small businesses nationwide. Nearly 62% of respondents said their businesses have just two months or less under current economic conditions before they go under. Meanwhile, 73% of respondents have seen their revenues drop by more than 50%, and 43% have already closed their businesses temporarily and have no incoming revenue. To learn more about these results, please visit HERE. To hear from leading experts and learn more about best practices and opportunities for surviving the current economic downturn, please visit business.com’s dedicated COVID-19 resources page.
Quick Links:
- Check out our *infographic* revealing survey details HERE
- Visit our COVID-10 resources page to join our small business community, stay informed and share your tips for weathering the pandemic HERE
- Learn more about the #PayToday initiative, relieving SMBs cash flow needs HERE
Those hardest hit from the unexpected downturn are businesses with five or fewer employees, with 59% of survey respondents falling into this category. Of these small business owners, 67% said they only had a month at most to survive in the current economic climate without assistance. Nearly 57% of all respondents said they would need a maximum of $100,000 to keep their business running for another 12 months while 25% said they would need between $100,000 and $500,000 in funds.
Faced with unprecedented challenges to their livelihoods, many small business owners are being forced to make drastic decisions. According to survey respondents:
- 42% either planned to hold off on paying certain bills or already have begun withholding payments
- 33% were laying off employees
- 32% were cutting back on non-employee costs
- Nearly 31% said they intended to borrow additional money
“While the global pandemic is forcing us to adapt our way of life all around, Main Street is being hit the hardest and with no playbook to guide small business owners through these unprecedented times, many are desperate for practical solutions,” said Doug Llewellyn, CEO, business.com. “We are committed to helping inform, educate and support small business owners through this difficult time and will continue to offer relevant content and strategies designed to empower SMBs and rebuild Main Street.”
To learn more about the results of this survey, please refer to the business.com story published today, “Survey: How Long Can SMBs Survive Coronavirus-Related Disruption?”
About business.com
business.com is a comprehensive resource for small and medium-sized businesses who want to start, run or grow their business. Backed by a community of experts, our platform is designed to connect small business owners, industry experts, and vendors through an array of services, tools, and insights. Featuring relevant content and proven strategies, business.com provides information business owners can trust. Our company is privately held and headquartered in Waltham, Massachusetts. To learn more or to join our growing community, visit www.business.com.
Media Contact:
Sarah Murray
Attune Communications
781-378-2674
sarah@attunecommunications.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd02e477-8786-4d1a-9b2d-4b82a064aae9