New Report Reveals Cash Crunch For Small Business Owners
32% of small business owners face a major cash crunch even though 75% of the new PPP funding remains available. That’s according to Alignable's February State of Small Business Report.
Here are some other highlights from the report:
- 32% of small businesses have only 1 month or less of cash reserves
- And it’s even worse among key demographics: 47% of minority-owned businesses and 39% of women-owned firms are cash strapped
- Retailers, restaurants/bars, gyms, entertainers, and designers are also in the cash flow hot seat due to ongoing Covid challenges
- 76% of all small business owners are operating below pre-Covid revenue levels
- 51% are earning half or less of pre-Covid revenues
- 38% of all small businesses couldn’t pay February rent - and that figure was even more striking among minorities (58%) and women (41%)
The report is based on new data from a poll of 6,029 small business owners and was conducted in late January.
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