RSS feed Get our RSS feed

News by Topic

BizReport : Research : March 25, 2021

Report: 2/3s SMBs haven't gotten federal help during pandemic

A lot of headlines have been made about bailouts and pandemic aid, but a new report out from Adobe indicates that small businesses aren't getting the help they need, despite reporting. According to their research, as of mid-February 2021 about 66% of small businesses in the US Haven't received any federal funding.

by Kristina Knight

This despite news that bigger corporations have received federal aid. Instead of relying on government intervention, many small business owners have shifted their focus to take more of their business - from payment processing to payroll - into the digital space.

Adobe's experts found that about only about half of SMBs secured PPP loans, that about one-third (34%) are relying on business credit cards to survive, and that about 20% have applied for bank loans. Only about 23% of small businesses have secured federal/government loans during the pandemic.

Other interesting findings from Adobe's report include:

• 51% of SMBs handle physical paperwork daily
• On average, SMB owners process 16 documents per week
• On average, SMB contracts take 6 days to process

The study also shows how small business owners are responding to the pandemic, with about 45% of SMB owners over age 55 staying home during the crisis, and that about one-third of younger SMB owners (age 18-34) allowing their employees to work remotely.

More data from Adobe's report can be accessed here.

Tags: Adobe Digital Analytics, pandemic trends, SMB pandemic advertising, smb pandemic ecommerce, SMB tips, SMB trends

Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.