Our client PNC recently published results from our latest Economic Outlook survey of small and mid-sized businesses. We found that, amid this year’s historic coronavirus pandemic, small businesses are adapting by making major changes to their operations.
Major findings include the following:
- A substantial number of business owners (8 in 10) have made transformations to workforce, business processes, procedures and technology.
- While 97% of applicants call PPP essential to their business, more than half of all businesses say more government stimulus funding is needed.
- Despite a dip since spring, optimism about the economy remains higher than during the Great Recession.
We conduct this survey for PNC semi-annually. This round concluded on September 8, 2020. The survey was conducted among 500 small and mid-sized business owners and executives with self-reported revenue of $100,000 to $250 million.