-The pandemic is still raging on in the U.S., yet 64% of small business owners on Main Street are confident that they can survive for more than a year under current conditions, the Q3 CNBC|SurveyMonkey Small Business Survey revealed.
-That is nearly double the 34% that held this optimistic view when polled in April.
-Government relief efforts including PPP, support from local communities, the adoption of technology and pivoting to new lines of business, are responsible for the turnaround in attitude among business owners.
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“The pandemic is still raging on in the U.S., yet 64% of small business owners on Main Street are confident that they can survive for more than a year under current conditions, the Q3 CNBC|SurveyMonkey Small Business Survey revealed on Monday. Surprisingly, that is nearly double the 34% that held this optimistic view when polled in April. And 46% of those surveyed say they expect their company’s revenue to increase over the next 12 months.
The study polled 2,040 small businesses nationwide July 20-27 in a wide swath of industries from food services, retail and consulting to manufacturing and construction. Fifty-three percent of respondents were sole proprietorships or S Corporations and 80% had less than 20 employees.
According to small business experts, this turnaround in attitude may be due to many factors. One is that government programs, including the Paycheck Protection Program and Small Business Administration economic injury disaster loans (EIDL), have given some businesses a life preserver to ride out the economic uncertainty. And the loans have given owners time to pivot and reinvent their business models so they survive the new normal.”