More than 1,200 small business owners took part in the survey
According to the LendingTree survey, almost half of small business owners temporarily closed their businesses. What is more, 71% of them worry they’ll never recover from the downturn caused by COVID-19.
The report also found that 47% of small business owners have taken on debt to keep their business afloat during the crisis.
Along with that, 8 in 10 business owners have no idea where to get emergency funding for their business right now.
At the same time, 69% of small business owners surveyed don’t have enough cash on hand to sustain their business for the next 3 months.
As to the ways of how business owners adjust their workers to cope with the virus outbreak, 37% of them laid off the employees. Meanwhile, 43% of small business owners decided to reduce working hours for their employees. Another 12% announced pay cuts for the workforce.