81% of small U.S. corporations surveyed by Veem, a global funds network, anticipate the new coronavirus pandemic to have an effect on their enterprise over the subsequent 12-16 months, and almost 90% are bracing for an economic downturn, the corporate stated Monday.
San Francisco-based Veem, which helped thousands of small corporations apply for loans under the federal government’s $660 billion emergency Paycheck Protection Program (PPP), stated small companies have been moving shortly to adapt to the changing climate.
Of the 690 companies surveyed, 65% stated they’d either submitted an application for the federal support or deliberate to take action within the close to future, Veem stated in its first report on the sentiment among small to mid-sized companies.
The Small Business Administration has up to now approved over 2.5 million loans totalling $536 billion, it stated Friday.
The U.S. economy – the largest on this planet – has been notably hard hit by widespread shutdowns geared toward containing the spread of COVID-19, the illness brought on by the coronavirus. U.S. authorities data on Friday confirmed the unemployment charge growing to 14.7% in April. The White House stated unemployment might hit 20% in May.
The crisis was having a mixed impact on small companies, stated Veem chief government Marwan Forzley, with some corporations struggling to outlive, whereas others benefited as their companies have been deemed important or they switched to working on-line.