2. Navigating the Stimulus Package

In the face of the crisis, 3 in 5 (58%) of small- and medium-sized businesses (SMBs) are investing in the health of their workforce by adjusting healthcare benefits or offering guidance to employees. Provisions in the CARES Act allowed insurers and policy-holders to add benefits or reduce cost-sharing mid-year in light of COVID-19.

Small and medium-sized businesses (SMBs) are working hard to adapt to the current situation. They’re making strategic operational choices, including cutting costs, in order to invest in the long term success of their business. Though a majority of SMBs continue to be hit with revenue losses since the start of the COVID-19 crisis, they are making intentional choices about cost cutting. Two thirds (66%) of those who cut costs in some way are confident these decisions will help them weather the pandemic.

92% of SMBs have made efforts to shift to a remote workforce as a result of the COVID-19 pandemic. While 75% of those say shifting to a remote workforce has been challenging, 65% wish they had moved to a remote model earlier.

Most small- and medium-sized businesses (SMBs) have taken concrete actions to enhance employee wellbeing during the COVID-19 pandemic. The most common and effective of these actions has been allowing for the flexibility to balance the new work/home life conditions. All things considered, the majority of SMB employees remain optimistic in light of the pandemic.