A recent Chamber survey confirms what we already knew: Our small businesses are going to need us more than ever as they return to work.
And, as they return, they are concerned about a few key issue:
- How to keep themselves, their employees, and their customers safe.
- How soon will people want to return to their businesses?
- How long will it take to recover from what was lost?
In the survey, 80 percent of the businesses who responded said they have either been closed or, at best, been open with reduced hours and staff. The overwhelming majority of the businesses responding have less than 50 employees.
The impact on business revenues was extreme and will take time to overcome. About 77 percent of those who responded lost at least half their regular income during the closure. A combined 70 percent said they estimate their business can regain its footing either before Labor Day this year (35 percent) or by the year’s end (35 percent).
While most believe they will be able to return to work in May, 28 percent say they will return with fewer employees than before, while 67 percent say they will have about the same number.
As for government programs, businesses that applied for either the Paycheck Protection Program or Economic Injury Disaster Loans from the Small Business Administration found the process arduous. They were frustrated by the process for the most part, but it was what they expected.
For a look at the full survey results,