From the start of the COVID-19 emergency, it was clear the stay at home orders and forced business closures would have a punishing impact. The abrupt changes to operating rules combined with fear of virus transmission left many with dwindling demand for their products and services. Without a consistent source of revenue to pay employees and offset other expenses, very difficult decisions had to be made to ensure the business could survive. To help alleviate the pressure, Congress acted and passed important relief measures such as the CARES Act which provided needed relief in the form of the Paycheck Protection Program (PPP) and expanded the Economic Injury Disaster Loan program as well. While helpful there is still concern amongst business owners on how they will manage through re-opening. According to a new survey issued by LendingTree, 46% of small business owners cite funding as the biggest obstacles to reopening. It was also uncovered that many businesses would be unable to reach profitability if forced to follow state safety guidelines. To help clients, prospects, and others, Wilson Lewis has provided a summary of key findings below.
The survey was conducted online and included 983 small business owners who had applied for funding through LendingTree’s small business lending database. Business owners were e-mailed a link and asked to participate between May 13, 2020, and May 20, 2020.
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It is clear the COVID-19 emergency measures have dealt a damaging blow to many Atlanta area businesses. The survey findings provide important insights into the top concerns, issues, and challenges of small business owners. If you have questions about the information outlined above or need assistance with a PPP loan or tax issue, Wilson Lewis can help. For additional information please call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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