Goldman Sachs survey: Small businesses lack funding to operate in the time of COVID-19

THE 10,000 SMALL BUSINESSES Rhode Island program is accepting applications for its tenth cohort. The program has had 227 Rhode Island small businesses participate in the program over its three years of operation.
A NEW SURVEY of Goldman Sachs' 10,000 Small Businesses Program participants highlighted funding problems facing small businesses.

PROVIDENCE – Half of U.S. small business owners don’t have enough money to operate for more than three months in the current economic climate caused by COVID-19, according to a new survey published by Goldman Sachs.

The survey of more than 1,500 participants in Goldman Sachs’ 10,000 Small Businesses program, a national small business training program with a local offering through the Community College of Rhode Island, highlighted the funding challenges faced by small businesses amid the global COVID-19 crisis.

Other key findings include:

  • 75% had seen a drop in sales,
  • 53% had employees who could not work remotely,
  • 13% of survey takers were confident in their business contingency plans,
  • 67% were unsure how to access or apply for emergency funding, and
  • 75% felt they had “no voice” or “not a very strong voice” in the government policy-making process.

The survey also detailed what funding options and policy measures small business owners thought would be most helpful. Grants topped the list, with support from 83% of survey takers, followed by payroll tax cuts (77%), reimbursement for paid sick leave (75%) and delayed tax payments (74%).

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Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.

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