Poll: Small Business Owners Weigh in COVID-19 Impact, Navigating SBA & Government Assistance Programs and More

New BizBuySell survey has business owners weigh in on topics such as customer decline as a result of the pandemic and how they are maneuvering the Paycheck Protection Program.

San Francisco, CA - BizBuySell, the Internet's largest business-for-sale marketplace, surveyed over 1,800 small business owners to understand how the COVID-19 pandemic is affecting their business. Business owners weighed in on topics such as customer decline as a result of the pandemic and how they are maneuvering the paycheck protection program. The survey also asks how owners are offsetting revenue loss, including the various means of reducing payroll, and opinions on how well the federal government is handling the COVID-19 situation.

View a summary PDF or see below for individual questions and responses.

Topic- Business Sector

• Manufacturing - 4.45%
• Restaurant - 15.85%
• Retail - 16.34%
• Service - 38.17%
• Other - 25.18%

Impact of COVID-19 pandemic

How has the coronavirus (COVID-19) pandemic impacted your desire to sell your business within the next one to two years?

• I did not plan to sell my business prior to COVID-19 and still do not plan to - 45.74%
• I did not plan to sell my business prior to COVID-19, but will sell it now - 5.36%
• I planned to sell my business prior to COVID-19 and will continue to do so - 21.45%
• I planned to sell my business prior to COVID-19, but will now wait to do so - 12.14%
• Does not apply to my current situation - 15.31%

How concerned or unconcerned are you about the pandemic impacting your business?

• Not concerned - 4.22%
• Slightly concerned -13.31%
• Concerned - 25.45%
• Very concerned - 57.01%

Is your business facing supply chain issues as a result of the pandemic?

• Yes - 37.53%
• No - 62.47%

What impact has the coronavirus pandemic had on customer demand for your business?

• More customer demand - 10.78%
• No change to customer demand - 11.43%
• Less customer demand - 77.79%

What actions have you taken to offset lower customer demand? (Select all that apply)

• Reduced payroll expenses - 44.24%
• Increased marketing and advertising - 17.42%
• Investing in website commerce (building a new website, promoting existing website, etc) - 13.66%
• Conducting virtual appointments - 21.86%
• Offered new pickup or delivery options - 20.15%
• Reduced marketing and advertising - 22.63%
• Reduced inventory - 24.68%
• Reduced business hours - 43.47%
• No actions - 11.02%
• Other - 17.51%

How are you decreasing payroll expenses? (select all that apply)

• Job layoffs with the hope of hiring back at a later time - 55.77%
• Job furloughs to keep employees on but with reduced hours or rates - 40.90%
• Job termination with no intention of hiring back - 6.85%
• Eliminating or reducing owner salary - 51.08%
• Other (please specify) - 7.24%

Topic- SBA Economic Injury Disaster Loans

Are you planning to take advantage of the SBA’s Economic Injury Disaster Loans which offer up to $2 million for working capital?

• Yes - 62.92%
• No - 25.58%
• I am not aware of the Economic Injury Disaster Loans - 11.50%

Why are you not taking advantage of the SBA’s Economic Injury Disaster Loans? (select up to 3)

• I do not understand how the loans work - 11.07%
• Too difficult to apply - 5.70%
• My business does not qualify - 35.91%
• The loan will not provide enough support for my business - 8.39%
• I do not have the required financial information available - 12.08%
• Other (please specify) - 41.61%

Are you planning to take advantage of the Paycheck Protection Program, which provides loans of up to $10 million to cover payroll, rent, utilities and existing interest payments, with the possibility of loan forgiveness?

• Yes - 60.24%
• No - 26.36%
• I am not aware of Paycheck Protection Program - 13.40%

Why are you not taking advantage of the Paycheck Protection Program? (select up to 3)

• I do not understand how the program works - 11.67%
• Too difficult to apply - 4.67%
• My business does not qualify - 56.00%
• The program will not provide enough support for my business - 10.00%
• I do not have the required financial information available - 13.00%
• Other (please specify) - 21.67%

Topic- Long term impact

How would you rate the U.S. federal government’s response to help small businesses in wake of the coronavirus pandemic?

• Very good - 23.41%
• Good - 32.14%
• Average - 22.67%
• Poor - 12.52%
• Very poor - 9.27%

When do you think the small business environment will return to the way it was prior to the pandemic?

• 1-3 months - 10.16%
• 4-6 months - 26.81%
• 7-9 months - 13.23%
• 10-12 months - 18.01%
• 13-18 months - 10.37%
• 19-24 months - 7.57%
• More than 24 months - 12.89%