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

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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.

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ABOUT THE AUTHOR

Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.