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New Survey Shows Impact of COVID-19 Closures on U.S. Small Business Owners & Employees

New Survey Shows Impact of COVID-19 Closures on U.S. Small Business Owners & Employees

Report from CardFlight Highlights Challenges Ahead for Local Businesses(Survey )

CardFlight, the leading SaaS payment technology company, today released the results of a new survey documenting the impact of COVID-19 on U.S. small businesses. Responses from nearly 250 business owners and employees nationwide paint a sobering picture of the challenges these businesses have faced since the virus first emerged, and what may lie in store for them ahead.

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“Small business owners are known for their resilience and ability to adapt, but the environment they’ve been forced into in just a few short months is nothing short of heartbreaking”

“Small business owners are known for their resilience and ability to adapt, but the environment they’ve been forced into in just a few short months is nothing short of heartbreaking,” said Derek Webster, CardFlight Founder and CEO. “While the road ahead remains uncertain, it’s uplifting to see how these merchants have survived thus far in the face of adversity and pivoted their business models to keep serving their customers and employees while staying safe. Their tenacity is needed now more than ever, and we’re humbled and grateful to work alongside them as they move forward.”

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Among the top findings:

  • Biggest Impact:
    • 75% of respondents experienced a loss of revenue since March
    • 33% reported having issues with their suppliers
    • 21% had to lay off or furlough their staff within Q2
  • Shutdown Guidelines
    • 33% of respondents maintained a physical location but had to change operations to stay compliant
    • 32% didn’t operate at all due to local restrictions
    • More than half (55%) were considered essential businesses.
  • Entrepreneurial Mindset
    • To stay afloat, 72% of businesses moved to contactless payment methods
    • 66% adopted curbside pickup or delivery
    • 60% offered relief to customers through reduced fees, delayed billing, waived costs

Looking at the near term, loss of revenue was noted as the biggest threat over the next six months, with 35% of respondents citing this as their top concern. Economic uncertainty was their second largest threat (18%), followed by fear of the virus and another local shutdown (13% each).

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