No doubt about it, 2020 has been a wild ride. And that’s especially true for small business owners. In early spring, the coronavirus pandemic forced thousands of small businesses across the country to close their doors and quarantine. Months later, many businesses are still struggling to recover—some never reopened.
A new QuickBooks survey reveals just how hard the economic impact of the coronavirus has hit small businesses. One in 4 business owners says they have had to decrease the number of employees on their team this year. Another 15% say they’ve relied more heavily on contractors to keep their business afloat.
Nearly half of small business owners (45%) say they applied for funding from a coronavirus relief program. Funding came from the Paycheck Protection Program, Economic Injury Disaster Loans, and Employee Retention Credits. Of those who applied, only 61% say they received the funding they needed.
But small business owners are nothing if not resilient. When the going got tough, the tough got going.