With 87% of small business owners struggling due to the coronavirus, the personal-finance website WalletHub today announced its editors’ selections for the best business credit cards and best business bank accounts of 2020 in order to help small business owners find savings on their key financial products. This information comes on the heels of WalletHub’s 2020 Small Business Owner Survey, which gauged business owners’ attitudes on government assistance, plans to reopen the economy and more.

Here is a handful of highlights from the survey:

• Capital One Spark Cash for Business is the best business credit card overall because it offers a $500 initial bonus and gives 2% cash back on all purchases. It also has no annual fee the first year ($95 after).

• Axos Bank Business Interest Checking is the best business bank account overall because it has an APY of 0.80% and an easily avoidable monthly fee.

• 68% of small business owners think the government is not doing enough to help small business right now.

• 79% of small business owners think minimizing COVID-19 deaths is more important than reopening the economy.

• Major financial institutions are offering various forms of assistance to customers affected by the coronavirus pandemic. WalletHub’s issuer-by-issuer overview has more information on relief options by financial institution.

To add some perspective, here is a Q&A with WalletHub CEO Odysseas Papadimitriou:

Is now a good time to apply for a new credit card or bank account?

“It might seem like a risky time to apply for new financial products, but extracting savings from your key financial products is more important than ever right now, when business owners across the country have no idea when the coronavirus pandemic will relent and revenue will return. Small business owners who shop around for the best business credit card or bank account can literally save hundreds of dollars in only a few minutes,” said WalletHub CEO Odysseas Papadimitriou. “When the economy was growing, getting a new credit card just to save an additional 1% on all purchases might have seemed like more of a hassle than a help, but an extra 1% back could be very helpful for a lot of small businesses in this environment.”

How should small business owners think about debt?

“Small business owners in many industries should be planning based on the assumption that the coronavirus pandemic will depress revenues for two years, under a worst-case scenario. Thinking about taking on debt and other strategic decisions through that lens will help business owners avoid making mistakes based on short-term emotions, so each small business owner should ask themselves: Will I be better off in two years if I borrow now or not?” said WalletHub CEO Odysseas Papadimitriou. “Business owners must also take the time to explain the situation to all stakeholders, including employees, investors and landlords. Transparency is important in keeping order in the ranks, and some money-saving alternatives might even emerge during the discussions.” 

Is the government doing enough to help small businesses?

“The government is doing a lot to help small businesses in terms of throwing money at the problem, but it is falling short when it comes to efficiency. Funds are not being directed strategically to those who need it most,” said WalletHub CEO Odysseas Papadimitriou. “Stimulus money from the government should only go to legitimately small businesses with a revenue loss above a certain percentage threshold, not burger chains, Ivy League universities, NBA teams, and corporations with alternative access to capital. Government relief should not make it more appealing for some not to work, either.”