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The Real Role of Tech Companies During COVID-19

Our recent report, Digitally Empowered, studied how American small businesses are adapting to and surviving the COVID-19 crisis. The results were optimistic: 74% of small business owners say they plan to be back to business-as-usual within six months once restrictions have been lifted.

While small businesses are resilient, those empowered by digital tools prior to the COVID-19 outbreak have sidestepped hardships faced by other companies.

Here are some of the ways major tech companies are empowering small businesses’ survival today while helping them prepare for tomorrow:

Developing Necessary Small Biz Resources 

Tech companies are working hand-in-hand with small business owners to provide accessible, affordable digital tools that help them stay open for business during COVID-19. Google recently released a series of updates to help local businesses adapt, including gift card sales, fundraising tools, and virtual marketing services. Amazon offers a suite of tools for small business owners to use at a steep discount, while Facebook rolled out Facebook Shops to help small businesses incorporate e-commerce seamlessly into their selling strategy. 

Without these tools, small businesses would be left without much-needed lifelines to their customers. 70% of small business owners say that digital tools have been useful to them during the COVID-19 crisis, with 30% reporting digital tools as essential.

Funding

In addition to taking advantage of free and low-cost tools, tens of thousands of small businesses received emergency funds from major tech companies. Google and Facebook have both infused small businesses with capital during COVID-19, from Facebook’s $100 million cash grant and ad credit program to Google’s $800 million commitment to small business relief. Digital marketplaces are also stepping up to the plate: Intuit, PayPal, and Shopify have also offered capital loan options for small businesses. 

What’s Next?

Post-COVID, the need for digital tools is only going to continue as small businesses begin the slow rebuilding process. 34% of small businesses say they will rely more on digital tools moving forward, while 80% of small businesses report increased interest in learning how to use digital tools to help their business in the future. 

We should not underestimate the importance of tech companies in a post-pandemic America, particularly as they continue to roll out tools to assist small businesses impacted by the virus. 

Learn more about how digital tools are helping small businesses recover faster and recoup more post-COVID here

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