Worst of coronavirus already passed, say 63% of business owners: Paychex
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Sixty-three percent of business owners say the worst of the coronavirus pandemic is behind them, according to a new survey from Paychex Inc., a human resources, payroll and employee benefit solutions company that is used by 670,000 small- and medium-sized companies.
Although more than half of respondents are optimistic about the future now that states are beginning to roll back shelter-in-place orders, four in five business owners – 84 percent – told Paychex they are afraid the pandemic may have a second wave of infections. As of May 27, at least 100,000 Americans have lost their lives to the respiratory illness.
THE KEY TO SMALL BUSINESS CORONAVIRUS SURVIVAL
"Over the past couple of weeks, as all 50 states have begun some phase of reopening, many business owners have turned their attention to determining how to best operate safely and efficiently in this new landscape," said Paychex President and CEO Martin Mucci in the survey’s press release. "After an extended period of uncertainty, with more questions remaining, it's encouraging to see that business owners are optimistic about their recovery from this crisis while remaining cautious about the economy and a potential second wave."
On average, business outlook increased from 46 to 51 on a scale of 1 to 100 (“extremely pessimistic” and “extremely optimistic),” according to the survey’s findings. Larger and fast-growing businesses were said to be more optimistic than businesses on the opposite end of the spectrum.
CONGRESS SHIFTS CORONAVIRUS FOCUS TO SMALL BUSINESS AID
Forty-six percent of business owners told Paychex they are fully open and operational, while 42 percent are open on a limited basis and 12 percent are closed but plan to reopen. Of those that are open now, 30 percent said they had to close at one point during the pandemic. Conversely, of the businesses that are closed, half hope to reopen by July while a quarter said they will reopen their business as soon as they’re allowed.