Skip to comments.Survey: One-fifth of small businesses will close if conditions don't improve
Posted on 08/24/2020 4:25:56 PM PDT by yesthatjallen
One in every five small businesses say they will not be able to stay open if economic conditions don't improve in the next six months, and a similar number say they can only last a year.
The survey from the National Federation of Independent Business, a trade group for small businesses, found that while many businesses expected to stay afloat, the pandemic was hitting significant numbers in devastating ways.
The health crisis is not impacting small businesses equally, said Holly Wade, NFIB director of research and policy analysis.
The pandemic, she said, was forcing small businesses to adapt to abrupt shifts in consumer behavior, ever-changing information on health and safety and new rules and regulations from varying levels of government.
But just being able to cover their bills remains the central concern. About half of the businesses surveyed had seen a decline of over 25 percent in sales since the pandemic began, and about a fifth have seen sales drop by over 50 percent.
"Many of them still need more financial assistance just to keep their doors open and staff on payroll, said Wade.
Of the businesses that had taken a Paycheck Protection Program loan the program offering forgivable emergency loans to help small businesses keep their workers on the books 84 percent had already used the entirety of the loan.
Almost half, 47 percent, said they would need more help in the coming year, and 44 percent said they would want to apply for a second PPP loan.
(Excerpt) Read more at thehill.com ...
Loans won’t help. All that will help is reopening the economy completely.
About half of the businesses surveyed had seen a decline of over 25 percent in sales since the pandemic began, and about a fifth have seen sales drop by over 50 percent.
Uhhhhh....what about the ones that are completely closed. Maybe not for good but, by edict.
Haven’t their sales dropped by 100%???
Democrats unhappy that its only 1/5
Small businesses are overwhelmingly Republican. Is there a motive out there?
Something has got to give.
Other articles claim 60% of small businesses closed for good already. The lockdowns favoring Walmart, Target, fast-food and other national chains were devastating. This 25% must be of the remaining 40% that remained open.
Bet Supercuts will survive, but the local small barber, out of business.
Owning a gun shop is great.
Most small businesses fail in a couple of years. This is speeding that up.
That’s a pretty low number, we are actually looking at 50%-75% of the businesses affected by the lockdown and peaceful protests will close permanently, If somebody doesn’t stop ANTIFA and BLM soon, the number will likely be greater than 75%.
They wouldn’t be happy with 5/5ths.
6/5ths might please them. Complete and utter destruction is their way.
This will be the first year without Christmas. That will close 40% of retail businesses.
> Small businesses are overwhelmingly Republican. Is there a motive out there?
the loans in my impression would bridge a 2 month temporary gap in revenues that would be backfilled by the then-projected resumption of normal business to allow repayment. is this a fair view? did i miss something?
Its only in democrat states boys and girls
The “pandemic” ain’t causing it - it’s all the knee-jerk overreactions that are causing the damage...
‘This will be the first year without Christmas.’
I am predicting that we will hear about the rollout of a new covid vaccine in early December, and as a result, the lock downs will be greatly reduced, so that Christmas will be a booming success; progressives need things too, just like everybody else...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.