Paychex has been conducting weekly “snap polls” to gain insights into business attitudes during the COVID-19 pandemic. They asked 300 business owners across the U.S. about how they’re managing their business, supporting employees, staying financially fit, and planning for re-opening. Here’s what they had to say.
- On a scale of 1 to 100, with 1 being extremely pessimistic and 100, extremely optimistic, the median is 46.
- More than half of respondents think it will take seven or more months for the economy to get back to normal and for their businesses to fully recover.
- Businesses rate themselves as less resilient if they have had to close temporarily (the median is 59), and more resilient if they have remained fully open (the median is 76.5).
- 39% of applicants are still waiting for PPP loan approval, down from 59% from just two weeks ago.
- 29% have received PPP loan payment, up from 15% last week.
- 30% have applied for a grant, disaster relief, or some other kind of credit. 60% of companies with 50 or more employees have applied.
- 24% have applied for a loan or line of credit. Of companies with 50 to 500 employees, 49% have applied. Of urban businesses, 36% have applied.
- 43% have used their line of credit because of the pandemic, as have 47% of manufacturing firms.
- 37% have used their credit card to cover pandemic-related expenses. 51% of companies with 50 to 500 employees have used credit cards, as have 47% of manufacturing firms.
These are only a small amount of statistics gathered from Paychex, click here to read the full article. Overall, companies are using all of their resources to keep their company open and ready for the shelter in place to be lifted. Almost 1 in 3 respondents plan to rely more on technology after re-opening. There has been a shift in the way business is done and companies are ready to adapt to keep their business moving forward.
Contribution from Latino Tax Pro.