New Poll Shows Widespread Small Business Impact from COVID-19March 16, 2020
Today, NSBA is releasing a new poll on how the novel coronavirus (COVID-19) is impacting America’s small businesses—sometimes to a devastating degree. This new poll quantifies the broad economic impact of COVID-19 and also includes many stories directly from small-business owners on the real-world havoc it is wreaking.
“This disease is creating an economic disaster for many small companies, and threatening the entire small-business community. We will likely be feeling the impact for months if not years,” stated NSBA President and CEO Todd McCracken. “In fact, more than half of small-business owners are now anticipating a recession in the coming 12 months compared with just 14 percent in January.”
The poll also includes small-business profiles on how the owners, their businesses, their employees and their families are faring in these trying times. NSBA is continuing to provide resources and information on its website, and is holding a sold-out briefing call for members today, a podcast of which will be available end-of-day Monday at www.nsba.biz.
Congress and the Administration should see the current bill they are working on as only a first step. They will need to take further actions to strengthen the economy and specifically improve and protect small-business cash-flow. The short-term cash-crunch that many small businesses will face could force otherwise successful companies to close, further deepening an economic downturn.
“In decades of running businesses in the U.S., I’ve rarely seen an event that could so suddenly bring many small businesses to their knees,” stated NSBA Chair Marc Amato of Walco Electric Company in Providence, Rhode Island “And I am not alone: 3-in-4 small business owners say they are very concerned about the economic impact of COVID-19.”
New requirements and regulations on smaller companies will only add to their struggles.
Click here to download the poll.
This poll was conducted online among more than 950 small-business owners on March 11-13. Please visit www.nsba.biz for details and updates, or contact our Media Affairs department with any media-related inquiries.