POLL: Small businesses say pandemic pain will last 12-16 months

Maybe no sector of the economy has been as hard by the COVID-19 pandemic as small business.

In fact, 80 percent of small businesses told a recent poll that they expect the impact from the pandemic to last for 12 to 16 months. Lone Star College economist Hank Lewis says that's not surprising.

"What we have is a major, external shock to the business cycle, that is beyond the control of markets, businesses and government, and we are having to adapt to what everybody loves to call the new normal," Lewis explained.

But 30% of the 690 businesses surveyed by Veem, a global payments network were optimistic about the future.

"More people are starting to realize that they don't want to go outside and risk contact with other people. It's a lot easier to order stuff and have it delivered," Lewis explained, adding that online retailers and e-commerce are the businesses that are going to continue to thrive in a post-COVID economy.

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