Financial Impact of COVID-19 on Small Businesses

Small business owners and executives impacted by Covid-19 have made budget cuts, applied for loans and have even tapped into their personal savings to survive.

• Nearly half of small businesses surveyed have cut spending because of Covid-19.
• 60% applied for a PPP loan and of the total respondents; 26% of all small businesses received a PPP loan including 41% of those in 100 – 499 employee sized companies and just 17% of under 25 employee companies.
• 21% have furloughed staff and 16% have laid off staff