Micro businesses reveal pandemic impact

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Microbusiness poll reveals coronavirus impactMicrobusiness bosses fear they can only continue trading for nine weeks due to the impact of the COVID-19 pandemic, a new poll shows. Three quarters of the 1,000 microbusiness owners polled are unsure how they will continue to keep their business afloat, with a lack of customers, cashflow issues and uncertain consumer confidence the most common areas of concern. The poll saw 46% of respondents say they have considered permanently closing their doors amid the crisis, while more than a third of owners have not paid themselves in a bid to cut costs and a further 28% have reduced their wage. The analysis also found that four in 10 microbusiness owners have utilised the Government’s coronavirus support initiatives, with more than a quarter using the furlough scheme and one in five applying for a Government loan. Just under a third have used personal savings to keep their enterprise afloat with a quarter using money from their current account.

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