Report: 87% of Small Businesses Hurting From Coronavirus

WalletHub’s Coronavirus Small Business Survey also found that 68% of small business owners think that the government is not doing enough to help small business right now.

WASHINGTON — Personal-finance website WalletHub has released the results of its Coronavirus Small Business Survey.

Unsurprisingly, ordering non-essential businesses to close in many parts of the country has taken a serious toll on small business owners, with 87% of them reporting they are struggling.

The survey took a look at how the coronavirus pandemic has affected business owners’ livelihoods and opinions on various topics. Responses come from 200 small business owners across the country.

Key findings include:

  • Owners worry about failure: 35% of small business owners say their business can only survive for less than three months in current conditions.
  • Health comes before money: 79% of small business owners think that minimizing COVID-19 deaths is more important than re-opening the economy.
  • Business owners don’t want more restrictions: 60% of small business owners think restrictions placed in response to COVID-19 should stay the same or be relaxed.
  • Many business owners feel neglected: 68% of small business owners think that the government is not doing enough to help small business right now.

Small business owners will hope to find some relief in the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act Phase III Stimulus package recently approved by President Trump.

For insights on how the CARES Act can aid small businesses, especially those in the security, alarm, fire detection, physical security and systems integration professions, click here.

You can view the full results of WalletHub’s Coronavirus Small Business Survey in the graphic below.

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