Uncovering Past Due Business Trends: Insights from the Outlook Survey

Uncovering Past Due Business Trends: Insights from the Outlook Survey

Are you curious about how businesses are doing in this challenging economic climate? The Outlook Survey provides valuable insights into the current situation and trends of various industries. In this article, we will dive deep into the data and uncover past due business trends.

Introduction

The Outlook Survey is an annual survey conducted by the Business Credit Intelligence team at Equifax. The survey gathers data from businesses in various industries to provide insights into their financial health, creditworthiness, and payment behavior. The 2021 survey focused on the impact of the COVID-19 pandemic on businesses. It’s important to note that the survey was conducted in the United States.

The Impact of COVID-19 on Businesses

The pandemic has had a profound impact on businesses across all industries. The Outlook Survey revealed that nearly 60% of businesses experienced a decrease in revenue in 2020 compared to the previous year. Additionally, 45% of businesses surveyed reported having to lay off employees during the pandemic.

The survey also found that businesses in the retail and hospitality industries were hit the hardest. These industries experienced the largest decrease in revenue and the highest number of layoffs.

Past Due Payments and the Outlook for Small Businesses

One of the most significant findings of the Outlook Survey was the rise in past due payments. According to the survey, 35% of businesses reported having past due payments in 2020, which is a significant increase from the previous year. The increase in past due payments was most prevalent among small businesses, with 42% reporting past due payments.

While the increase in past due payments is concerning, there is some hope for small businesses. The survey found that 70% of businesses that applied for PPP loans were approved. Additionally, 60% of small businesses expect their revenue to increase in 2021.

Conclusion

The Outlook Survey provides valuable insights into the impact of the pandemic on businesses and past due business trends. While the increase in past due payments is concerning, it’s important to note that small businesses have access to resources like PPP loans that can help them during these challenging times. As we move forward, it’s crucial for businesses to stay informed about the current situation and adapt to the changing landscape.