According to a recent poll by the U.S. Chamber of Commerce and MetLife, most small business owners in the U.S. think the worst effects of the coronavirus pandemic still lie ahead of us. Half of the respondents said they will close permanently if the business environment doesn’t improve.
Seventy-four percent of those surveyed said they wanted further government assistance. That percentage rose to 81% among minority-owned businesses.
The quarterly poll was taken between Oct. 30 and Nov. 10.
Other interesting findings
According to the poll, fully 62% of small business owners are afraid that the worst economic impacts of the pandemic are still to come. Only 40% believed their businesses could continue operating indefinitely in the current business environment.
Times are hard right now. At least 14% of small businesses said they were planning to cut staff, which was up 9% from the previous quarterly poll in July and September. During the first peak of the pandemic in April, 13% of small companies were looking at staff reductions
The coronavirus pandemic has killed more than 300,000 people in the U.S. The toll will likely continue to rise while the newly authorized COVID-19 vaccines are distributed.
If your small business is struggling during the pandemic, you are not alone. Talk to an experienced business law attorney for advice and recommendations on how to remain viable as we wait for the pandemic to pass.