CategoriesIHCC News

Small businesses anticipate the worst of the pandemic is still ahead according to the U.S. Chamber of Commerce Small Business Index (SBI).

The last poll also finds that half (50%) of small businesses see operating for a year or less in the current business climate before having to permanently close.

Amid a new surge in cases across the nation, most (62%) small businesses fear that the worst is still to come from the pandemic’s economic impact and three-quarters (74%) of all small business owners say they need further government assistance to weather the storm. That percentage increases to 83% when looking at minority-owned businesses.

Only four in 10 (40%) of all small business owners believe their business can continue to operate indefinitely without having to shut down permanently.

We must ensure minority-owned small businesses receive the assistance they need,” said Jaime di Paulo, President & CEO of the Illinois Hispanic Chamber of Commerce (IHCC).

Most small businesses see the need for further government support to see them through the pandemic’s negative impact.

A majority (56%) disagree that they have all the support they need from the federal government for their business to succeed.

The biggest concern at the moment is how COVID-19 will impact the economy. Across all subgroups—business size, region, sector, gender or ethnicity of the owner—80% or more are concerned about the virus’ impact on America’s economy.

Minority-Owned Small Businesses See Bigger Pandemic Impact

Minority-owned businesses are feeling a bigger impact from the pandemic, report assistance being more vital, and have heightened concern about the pandemic’s impact on the local economy, their businesses, and mental health. This can be seen in a number of survey findings:

  • 83% of minority-owned small businesses say that more federal small business relief funds are important versus 71% for non-minority-owned small businesses.
  • Just over half (51%) of minority-owned small businesses are very concerned about the virus’s impact on the local economy versus 35% of non-minority-owned small businesses.
  • 41% of minority-owned small business are very concerned about the impact of the pandemic on their small business compared to 31% of non-minority-owned businesses who said the same.
  • 39% of minority-owned small businesses are very concerned about the pandemic’s impact on their mental health, versus 23% of non-minority-owned businesses expressing the same concern.

The SBI is part of a multiyear collaboration by MetLife and the U.S. Chamber to elevate the voice of America’s small business owners and highlight the important role they play in the nation’s economy.

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