A good majority of small business owners expect to be dealing with a long-term impact to the business due to COVID-19.

San Francisco-based Veem, a global payments network, surveyed 630 small business companies on a variety of issues regarding how the coronavirus has affected their business and outlook.

On the future of the economy, nearly 90% of those surveyed are prepared for a slow economy post-pandemic, yet 13% of those surveyed stated they were not taking any measures to prepare for the slowdown, according to an article on Reuters.com.

In regards to long-term impact from the coronavirus, 81% of those surveyed expect long-term impact to their business due to the coronavirus.

Regarding aid, 65% said they had either submitted an application for federal aid or were planning to do so in the future.

When it came to the state of the U.S. economy, 55% said they had already experienced some significant impact to revenue yet 30% were still optimistic regarding the future economy.

In regards to operations, 52% of companies said they were cutting operational costs, 54% were putting a freeze on hiring and 23% were going to downsize staff.  

“When you look at the data, there’s surprising resiliency with these small and mid-sized businesses,” said Marwan Forzley, Veem’s chief executive officer. “Despite all the uncertainty, they’re trying to make changes in their businesses, to … either benefit from the situation or repurpose their business so that they’re not as badly impacted.”

For more information on how the coronavirus has affected the ATM industry click here.