New Report from Facebook on Small BusinessMay 18, 2020
Last week, NSBA President Todd McCracken joined a handful of other small-business leaders through the Small Business Roundtable and Facebook COO Sheryl Sandberg to discuss a new report from Facebook on the economic impact of COVID-19 on American small businesses.
During the virtual meeting, the group discussed the ongoing economic impacts and the importance of making sure small businesses are at the center of our recovery efforts. The report results provide a better understanding of which businesses are still operational and which are not, where they are located, and what their most pressing needs are. Key results include:
- A third of small businesses have closed their doors to an uncertain future.
- The biggest challenges for small businesses are access to capital and customer demand behavior.
- Small and medium-sized businesses are turning to internet tools to adapt.
- Nearly half of small business owners and managers are struggling to balance running a business and caring for their households.
- Employees are facing dire economic circumstances. More than half of the small business owners and managers surveyed don’t intend to rehire.
- But yet, 57% of owners and managers remain optimistic and resilient.
Participants in the group discussion included:
- Sheryl Sandberg, Chief Operating Officer, Facebook
- Rhett Buttle, Co-Executive Director, Small Business Roundtable & Founder, Public Private Strategies
- John Stanford, Co-Executive Director, Small Business Roundtable & Managing Partner, Prism Group
- Karen Kerrigan, Chair, Small Business Roundtable & CEO of the Small Business & Entrepreneurship Council
- Todd McCracken, President & CEO, National Small Business Association (NSBA)
- Chiling Tong, President & CEO, Asian/ Pacific Islander Chamber of Commerce and Entrepreneurship (National ACE)
- Jen Earle, CEO, National Association of Women Business Owners (NAWBO)
- Aram Nadjarian, Chair, NextGen Chamber of Commerce
- Keith Hall, President & CEO, National Association for the Self-Employed (NASE)
- Ron Busby, President & CEO, U.S. Black Chambers, Inc. (USBC)
- Ramiro Cavazos, President & CEO, United States Hispanic Chamber of Commerce (USHCC)
- Jill Houghton, President & CEO, Disability:IN
- Facebook & SBR Team Members
More results from the report can be viewed here.