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December 28, 2020 By Kendra Scott

National Federation of Independent Business Survey Reveals Bleak Outlook

One-quarter of small-business owners say they will have to close if the economy does not improve in the next six months, according to a National Federation of Independent Business survey of its members, many of which now must deal with not just Covid restrictions, but also increasingly colder weather limiting their use of outdoor spaces.

Many small-business owners told the NFIB they do not expect the economy to improve in the near term. About 36% said they anticipate it will take until 2022 to return to normal levels, while 47% believe it will be in 2021. Another 13% believe that recovery is further out than 2022.

The need for more funding for small businesses is widespread, with 85% of owners believing they will need more PPP funding to stay afloat until the middle of 2021, according to a poll of small businesses conducted by online referral network Alignable. About 48% of small business owners estimated they would generate less in revenue than what they would need to stay in business for the next full year.

Taken from the Washington Business Journal, Andy Medici, Sr. Staff Reporter

Filed Under: 1 Big Thing

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