COVID-19 forced businesses to make significant changes in their operations, just to remain in business. Unfortunately, almost half are operating at a loss.

SCORE’s latest infographic examines the challenges of small business owners during the pandemic.

This infographic highlights the findings of part 3 of “The Megaphone Of Main Street: The Impact of Covid-19” data report.

SCORE conducted research for this data report via an online survey administered to its small business clients in August 2020 with roughly 3,500 responses.

COVID-19 has had a large impact on small business profitability.

How would you describe your business?

  • Profitable and Growing
    • End of 2019: 32%
    • Now: 12.2%
  • Profitable and Steady
    • End of 2019: 18%
    • Now: 12.1%
  • Profitable but Contracting
    • End of 2019: 5.1%
    • Now: 9.2%
  • Break even
    • End of 2019: 19.6%
    • Now: 17.7%
  • Not Profitable
    • End of 2019: 25.3%
    • Now: 48.7%

They’ve been quick to adapt.

What changes have you made with your business? (check all that apply)

  • Protective equipment (PPE) for workers: 43.1%
  • Teleworking: 34%
  • Revised employee policies and procedures: 29.4%
  • New services to support community during the crisis: 20.4%
  • Health screening of employees: 16.3%
  • Special accommodations for at-risk employees or caregivers: 13.5%
  • Staggered schedules so fewer employees are together: 13%
  • Cross-training as backup in case workers are absent: 10.9%
  • New services to support employees during the crisis: 8.5%

Many have had to reduce employees.

Since March 15, 2020, my company has done the following with respect to employees:

  • No change: 38%
  • Reduced employee hours/pay: 31%
  • Furlough or temporary layoffs: 25%
  • Hired new employees: 20%
  • Permanent layoffs: 12%
  • Replaced employees with contractors: 4%

They’re mostly optimistic.

Overall, how optimistic are you regarding the future growth of your business in the next 12 months?

  • 22% Very optimistic
  • 33% Somewhat optimistic
  • 18% Neutral
  • 17% Somewhat pessimistic
  • 10% Very pessimistic

What can help?

What Government proposed programs would help most right now?

  • Stimulus checks to individuals: 66%
  • Extension of PPP loans: 30.8%
  • Extension of enhanced unemployment benefits: 30.4%
  • Extension of enhanced unemployment benefits: 23.8%
  • Bonus for employees who start new jobs or are rehired: 20.6%
  • Employee tax credit: 19.6%

50% replied that a business mentor or adviser or help right now.

That’s where SCORE can help. While you may be facing uncertainty, there is one thing you can be certain of: SCORE is here for you. Work with a SCORE mentor, and visit our Small Business Resilience Hub.

The Megaphone Of Main Street: The Impact of Covid-19, Infographic #3 - Impact on Small Businesses

The Megaphone Of Main Street: The Impact of Covid-19, Infographic #3 - Impact on Small Businesses