Today In Data

Small Businesses Shift Their Outlook With The Coronavirus

Small Businesses Shift Outlook With Coronavirus

For most small businesses, the decade began with optimism, but it would take only three weeks for that thinking to change as consumers began to shelter in place – and many governments mandated that policy. Amid this climate, nearly all small and medium-sized businesses (SMBs) have been forced to divert some optimism into a fight for survival. PYMNTS asked over 200 SMBs about their experience before and in the middle of the crisis. All this, Today in Data.

Today in DataData: 

84%: Share of surveyed SMBs that have seen their revenues decline in just the last three weeks.

37%: Portion of SMBs that remain confident they will survive, keeping their doors open and their businesses afloat.

29.4%: Share of SMBs surveyed that said they closed their doors temporarily, either because they had no choice or due to lack of demand.

26%: Portion of surveyed SMBs that doubt they’ll survive the COVID-19 pandemic.

8%: Share of SMBs that report having three or more months of capital to draw on to keep their businesses afloat.