The impact of the coronavirus pandemic on small businesses is enormous. About 74 percent of small business owners have taken on debt to cope with the financial losses due to the coronavirus crisis; only 13 percent out of 79 percent who had suspended, or reduced operations have since been able to resume operations completely. In comparison, 43 percent have seen a reduction in their gross revenue by 51 percent, according to findings by online marketplace LendingTree.
No one, not even entrepreneurs, least expected a pandemic, one that would plunge the global economy into a recession and whose end is not yet in sight. Be that as it may, small business owners need to get ready for the inevitable storm in these strange and uncertain times to be able to pull through.