Businesses Envision Pandemic Effects Lasting a Year or More
May 13, 2020—In a survey conducted by Veem, which helped thousands of small businesses apply for loans under the Paycheck Protection Program (PPP), 81 percent of small businesses expect coronavirus effects to last 12-16 months, reported Insurance Journal.
About 70 percent of the small businesses surveyed cited uncertainty about the U.S. economy in 2020 and 55 percent have already experienced significant impact to revenue.
More than half of the companies reported moderate to high supply-chain disruptions as a result of factory shutdowns, border restrictions and industry-wide furloughs, according to the report.
One key pain point in the study was liquidity. The survey shows 52 percent of companies cutting operational costs and 59 percent applying for loans.