Small Businesses Continue to Feel the Negative Impact of COVID-19 Pandemic
92% of small businesses are reporting a negative impact from the COVID-19 pandemic according to a nationwide survey conducted by the National Federation of Independent Business. NFIB state director Dawn Starns says small businesses can only last for so long before throwing in the towel.
“Half of them are telling us they can’t survive for more than two months and about a third are telling us they can make it three to six months,” said Starns.
Starns says the leading factor is slower sales as reported by 80% of small businesses.
“31% are experiencing supply chain disruptions and up to 23% now are telling us they have concerns over sick employees,” said Starns.
Starns says some businesses are choosing to forego the use of loans from government programs because they don’t want to get tangled in the extra paperwork or debt.
“38% tell us that they won’t even get involved in any of the programs that are being offered at the federal level, but it is there for the ones who do need it because there are certainly plenty who do,” said Starns.