As business owners across the country focus on getting back to business, 63 percent feel the worst is behind them when it comes to the impact of COVID-19 on their operations, according to new research from Paychex, a leading provider of human resources, payroll, benefits, and insurance solutions for 670,000 small- and medium-sized businesses. However, 4 in 5 business owners are somewhat or very concerned about a possible second wave of infection.
“Over the past couple of weeks, as all 50 states have begun some phase of reopening, many business owners have turned their attention to determining how to best operate safely and efficiently in this new landscape,” said Martin Mucci, Paychex president and CEO. “After an extended period of uncertainty, with more questions remaining, it’s encouraging to see that business owners are optimistic about their recovery from this crisis while remaining cautious about the economy and a potential second wave.”
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As part of a COVID-19 survey series, Paychex polled 300 randomly selected business owners with two to 500 employees beginning April 17, 2020. The most recent wave of the survey, conducted from May 15 to May 17, 2020, revealed the following insights:
Businesses’ current status:
- 46% of business owners report they are fully open and operational
- 42% are open on a limited basis
- 12% are closed, but plan to reopen
- Of the businesses that are open, 30% closed at one point during the pandemic
- Of the businesses that are closed, half plan to open by July, and 25% will open as soon as they are allowed
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