Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Over 80% of US firms expect longer virus impact

by REUTERS

Washington May 11, 2020 - 1:44 pm GMT+3
A man walks past a "We Give Up" sign outside Euro Treasures Antiques Friday, Salt Lake City, U.S., May 8, 2020. Owner Scott Evans is closing his art and antique store after 40 years. (AP Photo)
A man walks past a "We Give Up" sign outside Euro Treasures Antiques Friday, Salt Lake City, U.S., May 8, 2020. Owner Scott Evans is closing his art and antique store after 40 years. (AP Photo)
by REUTERS May 11, 2020 1:44 pm
RECOMMENDED
The Lebanese-flagged bulk carrier Brave Commander leaves the seaport of Pivdennyi with wheat after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odessa region, Ukraine, Aug. 16, 2022. (Reuters Photo)

Ammonia pipeline blast to impact Black Sea grain deal talks: Russia

grain-deal

Some 81% of small U.S. companies surveyed by Veem, a global payments network, expect the new coronavirus pandemic to affect their business over the next 12-16 months, and nearly 90% are bracing for an economic slowdown, the company said Monday.

San Francisco-based Veem, which helped thousands of small companies apply for loans under the federal government's $660 billion emergency Paycheck Protection Program (PPP), said small businesses were moving quickly to adapt to the changing climate.

Of the 690 firms surveyed, 65% said they had either submitted an application for the federal aid or planned to do so in the near future, Veem said in its first report on the sentiment among small to mid-sized businesses.

The Small Business Administration has so far approved more than 2.5 million loans totaling $536 billion, it said Friday.

The U.S. economy – the largest in the world – has been particularly hard hit by widespread shutdowns aimed at containing the spread of COVID-19. U.S. government data Friday showed the unemployment rate surging to 14.7% last month. The White House said joblessness could hit 20% in May.

The crisis was having a mixed impact on small businesses, said Veem CEO Marwan Forzley, with some companies struggling to survive, while others benefited as their businesses were deemed essential or they switched to working online.

"When you look at the data, there's surprising resiliency with these small and mid-sized businesses. 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."

Nearly 70% of the companies surveyed cited some uncertainty about the U.S. economy in 2020 and 55% said they had already experienced some significant impact revenue.

About 30% of the companies were more optimistic, suggesting that some industries were better positioned to thrive in the current environment, Forzley said, citing online retailers and other e-commerce businesses.

More than half of the companies reported moderate to high supply-chain disruptions as a result of factory shutdowns, border restrictions and industry-wide furloughs, and more than one third said they were now setting up regional supply chains or rapidly pivoting their supply chain to make needed supplies.

Nearly one-quarter of the companies were investing in new technology or aligning their information technology systems.

Liquidity remained a "key pain point," the survey showed, with 52% of companies cutting operational costs and 59% applying for loans, the survey showed. Only 13% said they had not taken any measures to prepare for a slowdown.

Nearly 54% of the companies said they were freezing hiring and 23% were downsizing staff, but nearly 18% said they planned to increase staff training and support.

RECOMMENDED
The Lebanese-flagged bulk carrier Brave Commander leaves the seaport of Pivdennyi with wheat after restarting grain export, amid Russia's attack on Ukraine, in the town of Yuzhne, Odessa region, Ukraine, Aug. 16, 2022. (Reuters Photo)

Ammonia pipeline blast to impact Black Sea grain deal talks: Russia

grain-deal
  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    us economy covid-19 outbreak small and medium-sized enterprises
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    A Colombian soldier and a dog search for plane crash survivors in Solano, Colombia, May 17, 2023. (AFP Photo)

    4 children rescued from Colombian Amazon weeks after plane crash

    Colombia
    The flag carrier saw an 11.3% annual hike in passengers on international routes, hitting 4.5 million in May. (AA Photo)

    Turkish Airlines sees record number of passengers in May

    TURKISH-AIRLINES

    Saudi Arabia's 'lollipop' oil cut surprised OPEC+ too

    oil-markets

    4 Colombian children lost in Amazon after plane crash found alive

    Colombia
    No Image
    Birds and butterflies: Fall descends on Turkey’s Kars
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021