COVID-19 Impact: Survey Details the Challenges, Actions & Outlook of Small and Midsized Businesses (Part 2)
In this survey, we defined small businesses as 1-49 employees and midsize businesses as 50-999 employees.
For the second time in two weeks, ADP asked 1000 small and midsized businesses (SMBs) about the impacts of COVID-19 and the actions they're taking.
The first survey took place during the passing of the CARES act (March 25-28, 2020), and the second survey took place after the CARES act was in effect (April 7-9, 2020).
Surprisingly, many of the challenges and needs remain the same for SMBs. While businesses continue to need help, it seems the situation has not gotten worse in three weeks—perhaps a bright spot in these unprecedented times.
Midsize businesses have been slightly faster to adjust, but both small and midsize businesses are making forward progress. Notable increases include businesses adding virtual services and the percentage of SMBs applying for SBA loans. We did not see an increase in business closures compared to two weeks ago.
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Related content
Visit the ADP Employer Preparedness Toolkit for critical information and helpful resources on the CARES Act, FFCRA, PPP and much more.
Source: ADP COVID-19 Employer Pulse Survey—April 7-9, 2020. Defined small business (1-49 employees) and midsize business (50-999 employees).
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