Nearly 9 in 10 Small Businesses Worried About US Economy, Reports Verizon

Small businesses worry about their survival amid COVID-19 capacity restrictions, a Verizon survey found. The carrier canvassed 600 small and midsize business owners and decision makers Aug. 26-Sept. 4, finding 55% fear being able to stay afloat if social-distancing rules stay in place. Small businesses are feeling better about their financial condition than when surveyed in April, said Verizon Monday. Two-thirds said their sales are still declining, compared with 78% who said so five months ago, it said. About 86% worry about the pandemic’s impact on the overall U.S. economy, it said. “Remote work has brought both additional opportunities and challenges for small business owners and employees,” said Verizon. Six in 10 owners with remote staff said telework enabled employees to “balance work and personal responsibilities more effectively,” it said. A majority (56%) said remote work “blurred lines between work and personal life,” it said. Two-thirds of respondents who implemented video collaboration systems reported having trouble doing so, it said.