Goldman Sachs Survey of Small Business Owners Shows a Fragile Recovery
77 percent of small business owners expect to exhaust their second round of PPP funding by the end of June
Only 26 percent expect to be able to maintain payroll without additional relief
The data was announced today during a media call featuring
A year ago, when Goldman Sachs 10,000 Small Businesses Voices began surveying American small business owners, only 39 percent of respondents were open for business. Today, 84 percent of respondents report they are fully open for business and 15 percent are partially open. Compared to a year ago, small business owners overall are 21 percent more confident of their business’ survival – 89 percent in
While small business owners begin their recovery in earnest, warning signs remain about their ability to return to business as usual. Ninety-one percent of small business owners who qualified and applied for the Payroll Protection Plan’s (PPP) second round have received their funding. However, 77 percent of small business owners expect to exhaust their second round of PPP funding by the end of June and only 26 percent of small business owners expect to be able to maintain payroll without additional relief.
“Across America, it’s back to business on Main Streets as operating restrictions are eased and customers are becoming increasingly comfortable visiting their favorite local businesses,” said
Importantly, 71 percent of respondents say that COVID-19 will impact their business operations long-term. For example, 55 percent expect their business model to permanently change and 53 percent believe their employees will continue to work from home more than before the pandemic.
“Policymakers’ action to pass a second round of PPP was a significant in keeping American workers on payroll, but the message small business owners are sending our nation’s leaders is that while they are on the path to recovery, the road is long and more assistance may be needed as their businesses have fundamentally changed,” said
For the full survey, please visit gs.com/doors-opening-but-not-in-the-clear.
The data was collected from a survey of 2,140 Goldman Sachs 10,000 Small Businesses participants. The poll was conducted by
ABOUT 10,000 SMALL BUSINESSES VOICES
Goldman Sachs 10,000 Small Businesses Voices is an initiative for program participants to organize and advocate for policies that matter to them. It builds on Goldman Sachs 10,000 Small Businesses, which over the past decade has provided access to education, capital, and support services to more than 10,000 small business owners across all 50 states,
Source: Goldman Sachs