May 11, 2020
By: Caity Witucki
Contributing Editor, Main Street Monday
Main Street Monday – Small Businesses are Transforming Their Business Operations
According to the most recent MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Report, the vast majority (85%) of small businesses are still concerned about the pandemic’s impact. Concern is highest in the retail (90%), services (88%), and manufacturing (87%) sectors. Due to their concern, those sectors have also been the fastest to transition their business to more digital setups. In addition, 58% of small businesses have also made financial adaptations such as downsizing their business’s usage of utilities (27%), adjusting employee salaries (19%), and applying for PPP loans (32%).
Here are the highlights from the MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Report:
- 20% of small businesses have some employees teleworking and 17% have transitioned their retail presence to virtual or digital configurations.
- 32% of the small business population has applied for a PPP loan and 13% still plan to apply.
- 48% of small businesses say they still feel comfortable with their cash flow.
- 50% of small businesses feel their business is in good health, down seven points from last month.
- 24% of small businesses believe their local economy is in good health.
- 86% of small businesses with over 20 employees anticipate rehiring employees.
- 31% of small businesses have contributed to those in need during the pandemic and 19% have produced or donated personal protective equipment.
“We know how hard the pandemic has hit small businesses,” says Jessica Moser, senior vice president, Small and Specialty Business at MetLife. “We believe that sharing poll findings directly from small business owners provides an authentic platform to voice their concerns as well as what solutions they need most to help them survive, and ultimately thrive.”
Read the full Coronavirus Impact Report here.