Small Business Owners Feel The Worst May Still Be To Come
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Small Business Owners Feel The Worst May Still Be To Come

Small Business Owners Feel The Worst May Still Be To Come

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).

Published: December 21st, 2020

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