In early June 2020, SCORE surveyed business owners who have been in operation for at least a year about the effects of covid on their businesses, and this infographic highlights the findings.
Data is from a SCORE survey conducted from May 27 – June 10, 2020. 664 business owners responded with 468 respondents in business for one year or more. We also surveyed them in April 2020, and you can view those results HERE.
Most employers have had to reduce the number of workers or worker pay, but 50% hope to hire in a year. Since March 15, 2020, businesses have done the following with respect to their workers:
- 37.3% furloughed or laid off temporarily
- 33.8% had no change
- 31.4% reduced employee hours/pay
- 9.8% fired worker/s
- 9.1% hired new workers
More established businesses have received outside financial help than government aid in the past three months. As of June:
- 43.7% have received delays for existing loan payments.
- 37.1% have received new loans.
- 25.7% have received improved payment terms from vendors.
- 12% have received support from crowdfunding or other community requests.
- 10.8% have received expanded lines of credit.
55% of businesses applied for the PPP, and 78% of applicants received some portion.
- 65.4% that applied for PPP received the full amount requested.
- 22.1% that applied for PPP did not receive anything.
- 12.6% that applied for PPP received a portion of the amount requested.
Established businesses are adapting in a variety of ways.
- 43% are implementing COVID-19 customer communications.
- 27% are seeking new target markets.
- 25% have made no changes.
- 25% added telephone appointments.
- 24% changed their business model.
- 23% added new products and services.
- 20% added enhancements to an online store.
- 19% added delivery and pick-up options.
Most are providing employees with PPE and flexible work schedules.
- 57% have provided PPE.
- 50% revised employee policies.
- 40% are teleworking.
- 25% are implementing employee health screenings.
- 25% have staggered employee schedules.
- 24% are making accommodations for at-risk employees.
- 17% are cross-training in case workers are absent.
- 9% made no changes.
They are cleaning more and adjusting spaces and hours.
- 57% are deep cleaning.
- 40% have adjusted business hours.
- 37% are limiting the number of customers.
- 33% have changed the physical space.
- 26% have made no changes.
- 12% have consulted with insurance and lawyers to protect against lawsuits.
- 11% have found additional suppliers as backup.
Download the infographic to see the full results.
While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor and visit our Small Business Resilience Hub.
Infographic designed by Easel.ly.
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Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.