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Half of small businesses see their operations continuing for a year or less in the current business climate before they would have to permanently close, says a new poll from the U.S. Chamber of Commerce and MetLife.
Most small businesses (62%) fear that the worst is still to come with Covid-19’s economic impact and three-quarters of all small business owners (74%) say they need further government assistance to weather the storm. That percentage increases to 81% when looking at minority-owned businesses. Only four in 10 small business owners believe their business can continue to operate indefinitely without having to shut down permanently.
“The impact of coronavirus continues to take a devastating toll on America’s small businesses. In fact, half of them say they can operate for a year or less before closing permanently,” said Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce.
Most small businesses see a long haul before things return to normal. Just a quarter of small businesses think the U.S. small business climate will return to normal in under six months, with more than half (56%) predicting between six months to a year for a return to normalcy. This is in line with sentiments expressed last quarter and in May (six months ago).