How Is COVID-19 Affecting Small Businesses?
The U.S. Chamber of Commerce is trying to answer that question through its monthly Small Business Coronavirus Impact Poll. According to the USCC’s most recent survey, while many small businesses are pressing forward and trying to stay open, they are still very concerned that a resurgence of the coronavirus will shut down their operations again. Specifically:
- 86 percent of small businesses report that they are either fully or partially reopened;
- 65 percent of small businesses are concerned about having to close their business, or stay closed, if there is a second wave of COVID-19;
- 48 percent of small businesses say it could be anywhere from three months to a year before they anticipate rehiring most of their employees; and
- 64 percent of Paycheck Protection Program (PPP) loan recipients are concerned about meeting the criteria necessary to receive loan forgiveness.
Additionally, more small businesses expressed concern over the lack of guidance on proper reopening procedures, up eight percentage points from late May (56 percent versus 48 percent in May). Click here to read the full report.
Interested in learning more about how the coronavirus pandemic is impacting small businesses? The Wall Street Journal has released data examining small business revenue declines, the number of businesses at risk of financial difficulty, and small business employment.