A Q2 study by CNBC and SurveyMonkey polled over 2,000 small business owners.
The report found that only 18% of small business owners consider their business to be “good” in Q2 2020. This was 56% in Q1. 43% of respondents reported the conditions as currently being “bad”.
72% of those polled expect the pandemic to likely have permanent effects on business operations. Around a quarter of participants have reported laying off or furloughing staff. Another 36% have taken a pay cut.
Additionally, a small group of respondents (7%) believe that the pandemic has brought opportunity. The report also found that over 75% of small businesses with five (or more) employees have applied for Payroll Protection Loans, with 20% having already received funds.
[2 minute read]