How AI Can Help Build Resiliency for Small Businesses in a Global Economic Crisis

In 2020, the economy is once again teetering on the edge of what some are calling a fiscal cliff. In the midst of COVID-19, a global economic crisis is threatening the livelihoods of small business owners everywhere. In ordinary times, 50 percent of small businesses go out of business in the first 5 years. In today's extraordinary times, nearly 7.5 million ( 25 percent) of small businesses in the U.S. alone have been at risk of closing permanently in a matter of months (Source: Main Street America's Small Business Survey 2020). To that end, our company immediately took steps at the outset of the pandemic to help consumers and small businesses access desperately-needed capital through four key initiatives and AI-driven innovations, such as Intuit Aid Assist and the QuickBooks Capital for Paycheck Protection Program.