San Francisco, California, May 12, 2020 (GLOBE NEWSWIRE) — Veem, the global payment network for small-to-midsize businesses, announced today the release of its inaugural report, “State of Small Business: Challenges and Paths Forward.” The report provides a snapshot of sentiment among 690 US small business owners in light of COVID-19.
“One inspiring theme that we see throughout the report — despite the anxiety and uncertainties of today’s climate — is that small businesses are fighting back and showing resilience. Just one example of this, when addressing supply chain disruptions, 39% of respondents are making changes to offset impact,” said Marwan Forzley, CEO of Veem.
Below are some key findings:
- 87% of small businesses are taking action to prepare for the possibility of an economic slowdown caused by the coronavirus. More than half of respondents report they are both decreasing operational costs and applying for loans.
- A total of 80% of small businesses anticipate COVID-19 to continue impacting their business over the next 12-16 months, while 13% respond they are unsure.
- 65% of small business owners have either submitted a Paycheck Protection Program (PPP) loan application, or plan to do so in the near future. The top three priorities for PPP funds include: employee paychecks, bills and expenses such as rent, and investing in new technology.
- A quarter of business owners report a high impact on their supply chain as a result of COVID-19. In response, the top two actions that businesses are taking is investing in new technology and rapidly pivoting their supply chain to make much-needed supplies.
- 30% of small businesses are investing in people operations by hiring and increasing staff training.
The release of this report comes on the heels of Veem’s launch of its automated, self-service SBA Payroll Protection Program online loan application. Veem’s technology, processes and human capital was rapidly adaptable to deliver loan application service at scale. Working with tech-savvy bank partners, Veem has helped thousands of customers submit PPP applications.
To download “2020 State of Small Business: Challenges and Paths Forward,” please visit our website.
Veem is the global payments network built for business. Trusted by more than 195,000 businesses around the world, Veem provides simple, secure, and trackable payments to over 110 countries. Our mission is to help businesses build and strengthen their relationships with suppliers and partners all over the world. Through seamless integrations with popular business applications, Veem provides a revolutionary payment experience.
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