Small Businesses Take a COVID-19 Hit

About 56 percent of small businesses say they are impacted negatively by COVID-19, according to a recent report from Kansas City-based customer conversion and retention platform Bellwethr.

While 55.5 percent said they are feeling negative impacts, 44.4 percent said that they are going to have to take on additional debt, while 55 percent said that they are concerned about their ability to access capital. About 20 percent have already taken on additional debt in a range between $1,000 and $5,000. 

More than half, 51 percent, said they have already seen a decrease in customers, and 49.25 percent have delayed their hiring plans, which is quite a drastic turnaround from the tight hiring market we were experiencing just a few weeks ago.

“While the results paint a dark picture of the reality that many businesses are facing right now,” said Bellwethr COO and co-founder Daron Jamison, in a press release. “While the results paint a dark picture of the reality that many businesses are facing right now, there is a tremendous opportunity for those companies who are able to calm their nerves and use this time to test new ideas, double down on what they know is working, and look for ways to improve efficiencies.”