According to the SBA; as of 2018, 99.9% of US businesses are small businesses which employ more than 47.5% of the private workforce in the US.
A new survey of more than 5,800 small business owners by Harvard Business School paints a dismal picture of America’s current small-business viability. Forty-three percent of firms are temporarily closed and 40 percent of the workforce, on average, has been laid off or furloughed since late January.
On average, survey respondents with less than $10,000 in monthly bills had only enough cash on hand to cover one month of expenses. Across all industries, 53 percent of respondents said they would be forced to close their doors by December if current restrictions last four months. If normal operations were to resume within one month, 72 percent reported a high likelihood of staying in business.
“Fifty percent of respondents believe that the crisis will last at least until the middle of June,” the researchers wrote in a working paper summarizing the survey findings, “suggesting that many businesses expect this to extend well beyond their current cash.”
If you have an income or have an operating business here are some suggestions for helping:
ALWAYS pay small businesses within terms.
Set a limit below which all bills will be paid promptly.
Check to see which of your services/providers are now being provided online.
If possible, tip extra.
Many restaurants that remain open offer delivery. Check to see if other businesses are offering delivery or contactless pickup.
Buy gift cards
Check to see which of your services/providers are now being provided online.
