Day: November 13, 2020

Without New Stimulus, Small Business Owners Uncertain of Survival | 2020


Data: Goldman Sachs; Chart: Axios Visuals

A new survey from Goldman Sachs through its 10,000 Small Businesses program (via Axios) finds that more than half of small business owners. Here are some findings from the survey. (However, for many of those reading this, it will sound too, too, familiar.)

52% | Percentage of survey participating small-business owners who have stopped paying themselves in a bid to keep their businesses afloat
42% | Percentage of small business owners who have begun laying off employees or cutting worker pay
33% | Owners who have dipped into personal savings to stay operational
28% | Say the legislative uncertainty has caused them to consider closing their business
38% | Say they will have to lay off more employees or cut employee compensation
20% | Said they will not be able to pay their commercial rent through the end of the year without additional help from Congress
59% | Said their revenue has been negatively impacted.
86.5% | Of those whose revenue has been negatively impacted, 86.5% attribute it to changing customer behavior
44% | Said the decline in revenue is due to more restrictive state and local regulations.

Black business owners have struggled even harder

61% | Black business owners who say they have forgone paying themselves as a result of congressional

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