Covid-19 influence: 42% start-ups, small biz out of funds or in shutdown stage

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With start-ups and small companies dealing with the warmth of the Covid-19 pandemic, about 42 per cent of them are actually out of funds or in shutdown stage, in response to a survey by LocalCircles.

Only 16 per cent of start-ups and SMEs have the money to outlive for greater than three months. Since the start of the lockdown, start-ups and SMEs have seen a drastic fall in revenues and a few of them have additionally introduced layoffs and furloughs.

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“They have been scampering to scale back money burns within the race for survival,” stated the survey.

Derivation

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