SMB Group surveyed more than 500 businesses, with 95% of them from the United States.
Small businesses across the personal service, hospitality and retail sectors will be most negatively impacted by the COVID-19 pandemic, according to a survey conducted by Small and Medium Business group. Companies which have less than 20 employees are also more likely to be impacted because of a lack of cash flow and capital.
Small businesses have also had to face the challenge of learning to serve their customers in the stay-at-home environment mandated by social distancing norms. Personal service providers like salons, pet care and home improvement contractors have been more hit the most due to the close contact nature of their jobs.
However, small business owners said they expected to spend money on upgrading the business communication capabilities once the recovery starts. An increased number of businesses are also expected to be letting employees work from home more extensively.
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