In a new survey of small business owners, almost half (43%) say their livelihood is on the line and they are going to be forced to close permanently if they cannot resume normal activities soon. One in 10 (11%) are less than one month away from permanently going out of business thanks to the government’s response to the coronavirus outbreak.
Additionally, about one in four (24%) small businesses have already shut down temporarily in response to the government’s demands to do so during the COVID-19 panic and overreaction. Among those that have not, 40% say they are likely to close at least temporarily within the next two weeks. This means a total of 54% of all small businesses report that they have closed or expect to close temporarily in the next 14 days.
When asked what proposals might offer the most relief, small businesses indicated support for three key provisions included in the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act:
- 56% of small business say direct cash payments to Americans would be the most helpful form of aid from the government,
- followed by loans and financial aid (30%), and
- suspending payroll taxes (21%).
“As the poll results show, small business owners are looking for loans and financial aid to ensure they do not have to shut their doors or go bankrupt because of the coronavirus. American banks are ready to help, but they need clear guidelines from the Administration,” said Neil Bradley, chief policy officer at the U.S Chamber of Commerce. “American banks will be on the front lines to help businesses survive during this pandemic.”
The biggest help will come in the form of being allowed to reopen and conduct business as they had done. Getting the economy up and running again is going to go the furthest when it comes to saving lives and helping people. At this point, the statistics of the outbreak provided by healthcare professionals no longer support a lockdown, economic shutdown, and the ramifications that have already followed. The government’s overreaction has done more harm than good.
Some small businesses still feel optimistic, however, according to the survey reported by U.S. Chamber. Almost one in four (23%) small business owners expect to hire in the next year….
Will the entire country become a company town of fascist USA Inc? That hinges on this question more than any other.