The coronavirus is wreaking havoc on the economy, with individuals staying at home as they purchase less and save while retailers and vendors work to stop the contagion’s spread. The resulting fall in revenues has put many small to medium-sized businesses (SMBs) in an impossible situation. PYMNTS asked 200 SMB owners how the virus spread is impacting their companies, and what steps they are taking to mitigate the damage. All this, Today in Data.
Data:
178: Number of days the average SMB owner believes it will take for their local economies to recover from the pandemic.
49.1%: Share of surveyed SMB owners who would be able to use their personal credit cards to help fund their businesses during the pandemic.
30.5%: Portion of SMBs that have temporarily closed since the pandemic began.
27.6%: Share of SMBs with access to enough cash to stay open for one to three weeks.
25.9%: Portion of SMB owners who are sure their businesses will not survive the pandemic.
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