Research and Insights
January 19, 2021 | Jim Magats, SVP Omni Payments
It’s been one year since the world was first impacted by COVID-19. Stay-at-home orders and non-essential business closures have resulted in a recession and disproportionately impacted small businesses (SMBs), which account for 70% of employment globally. As the world moves towards recovery, we must focus on supporting SMBs. The first step is understanding the challenges they face.
As a partner to more than 28 million SMBs, PayPal collaborated with Morning Consult to launch the PayPal-Morning Consult Small Business Confidence Index. This quarterly index measures the sentiment of SMBs in the U.S. and surveys their challenges and needs so we can understand how to work more effectively across the public and private sectors to jumpstart recovery efforts.
The inaugural survey revealed five key findings:
These findings point to three areas where, through public and private sector cooperation, we can help fuel SMB relief efforts:
As we begin 2021, there are signs of hope. Vaccines are now being distributed and Congress passed a new $900 billion Coronavirus relief bill, which authorized capital to SMBs through a renewed PPP. These efforts can begin to rebuild and restore the small business sector – the foundation of the global economy, the backbone of local communities and the engines of innovation, opportunity and diversity.
You can view the full findings of the inaugural PayPal-Morning Consult Small Business Index here.
1Data for the inaugural survey was fielded in November 2020. To accurately reflect the voices of diverse small businesses across America, the survey sample of 500 small businesses was weighted according to the US Census distribution of SMBs across gender, ethnicity, and size of business.
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PayPal-Morning Consult Small Business Confidence Index
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