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  • Small Businesses Ramping Up Actions To Survive Pandemic

    As challenges continue, 47% of small businesses say PPP funding is critical

    As small businesses remain closed due to social distancing requirements, many are finding unique ways to transform their business operations, according to the latest MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll.

    Last month, 12% of small businesses reported transitioning some or all of their employees to teleworking, while 10% had begun transitioning the retail aspect of their business to be more virtual or digital. This month these trends grew more pronounced with one in five (20%) small businesses saying they have transitioned employees to teleworking and 17% reporting they have transitioned their retail presence to be more virtual or digital.   

    Meanwhile, the number of small businesses shutting down continues to climb. One in three (29%) of respondents said they had shuttered their businesses temporarily in the last two weeks (note, these figures do not include small businesses that closed prior to the two-week period before the April survey was taken). That’s up from 24% who reported the same one month prior. In addition, more than one in five small businesses (22%) say they are two months or less from closing permanently. Self-reported business health also continues to decline: 50% of small businesses feel their business is in good health, down seven points from last month.  

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