Verizon Business today released findings from a recent survey, Small Business Response to COVID-19 to better understand the impact small business owners and decision makers feel COVID-19 has had on their businesses. The survey, conducted by Morning Consult, focused on 500 small and medium businesses that are currently open or plan to reopen. One of the survey’s key results is that small businesses have renewed confidence, with 68% believing they can recoup COVID-19 related losses.

Key Survey Findings:

As businesses grapple with the economic impact of COVID-19, these responses highlight the assistance small businesses feel they need, the communities they feel most supported by, and the changes they have made to adjust to the new normal.

1. A Renewed Confidence
The small businesses that have weathered this pandemic to date express an overall optimism and the financial wherewithal to eventually reopen.

68% of small businesses believe they can recoup COVID-19 related losses
46% (nearly half) of small businesses that remain open say their businesses will be able to stay open for more than six months if the pandemic continues in the same way
48% of small businesses say it’s unlikely they will need to resume operations with a smaller staff
While 78% of small businesses indicate declining sales, less than a quarter (24%) say that they have missed or withheld any payments of bills (rent, utilities, etc.).

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