After a decade of job growth, small businesses quickly resorted to layoffs, furloughs and slashed employee hours in order to survive the economic fallout from COVID-19.
with economists forecasting unemployment at as much as 15% or more.
Overall, small businesses employ roughly 59 million people in the U.S., according to the Small Business Administration. However, few have much in the way of a financial cushion in case of emergency. Now, half of all small businesses said they will not be able operate beyond three months without relief aid, according to a recent survey by"There is a lot of stimulus out there already," said Tomer London, Gusto's co-founder. "The key is to get those dollars in the hands of small businesses."
Gusto's data is based on a survey of their own customers, which are primarily small businesses with 100 employees or less. Typically, Gusto handles the bulk of what a human resources department would do — from payroll to benefits administration. Now they are also providing clients with the additional payroll information they need to supply to lenders in order to qualify for the
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