Amid Pandemic, Small Business Owners Respond With Meaningful Transformation; Remain Resilient, PNC Survey Shows

Amid Pandemic, Small Businesses Respond With Meaningful Transformation, PNC Survey

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.

Learn more on the PNC website and by reading the media release on PR Newswire. For historical context, read about the fall 2019 PNC Economic Outlook survey results.