Let’s hope COVID-19 isn’t a ‘mass extinction event’ for small businesses

Most of the attention surrounding the economic fallout from COVID-19 has focused on job losses — now 38.6 million since March. Census data also indicate that roughly 47% of U.S. households have been impacted by layoffs or salary reductions.

Somewhat less attention has been paid to COVID-19’s effect on small businesses (SMBs) and the related implications for the digital marketing ecosystem. According to an Alignable survey of more than 300,000 small businesses, roughly 85% have now been affected, mostly in the form of lost revenues and layoffs.

About 75% of SMBs have applied for help from the Payroll Protection Program, although less than 40% had successfully received funds as of early May.

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