SCORE surveyed pre-startups and startups in June 2020 about how Covid-19 has affected 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 196 respondents identified as thinking of starting a business or in their first year of business ownership. We also surveyed them in April 2020, and you can view those results HERE.
More startups have received outside financial help than government aid in the past three months:
- 32% have received delays for existing loan payments as of June, up from 10% of startups in April.
- 25% have received new loans as of June, up from 7% of startups in April.
- 20% have received improved payment terms from vendors as of June, up from 5% of startups in April.
- 19% have received support from crowdfunding or other community requests as of June, up from 7% in April.
- 15% have received expanded lines of credit as of June, up from 4% of startups in April.
Only 20% of startups applied for the PPP, and half received some portion:
- 49% that applied for PPP did not receive anything.
- 36% that applied for PPP received the full amount requested.
- 15% that applied for PPP received a portion of the amount requested.
Startups are creatively seeking new target markets, business models, and products and services in order to better serve customers:
- 33% are implementing COVID-19 customer communications.
- 33% are seeking new target markets.
- 33% have made no changes.
- 26% changed their business model.
- 21% added new products and services.
- 14% added enhancements to an online store.
- 13% added delivery and pick-up options.
Many startups are providing employees with flexible work arrangements and protective equipment (PPE):
- 43% have provided PPE.
- 37% revised employee policies.
- 32% made no changes.
- 30% are teleworking.
- 27% are implementing employee health screenings.
- 18% are cross-training in case workers are absent.
- 13% have staggered employee schedules.
- 13% are making accommodations for at-risk employees.
They are cleaning more and adjusting spaces and hours.
- 44% have made no changes.
- 30% are deep cleaning.
- 23% are limiting the number of customers.
- 22% have changed the physical space.
- 20% have adjusted business hours.
- 13% have consulted with insurance and lawyers to protect against lawsuits.
- 6% 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.