Report: 2/3s SMBs haven’t gotten federal help during pandemic
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:
â€¢ 51% of SMBs handle physical paperwork daily
â€¢ On average, SMB owners process 16 documents per week
â€¢ 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.