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