Only 18% of small businesses in the US report business currently being “good”

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 07, 2020, 7:25 AM GMT+0

A Q2 study by CNBC and SurveyMonkey polled over 2,000 small business owners.

The report found that only 18% of small business owners consider their business to be “good” in Q2 2020. This was 56% in Q1. 43% of respondents reported the conditions as currently being “bad”.

72% of those polled expect the pandemic to likely have permanent effects on business operations. Around a quarter of participants have reported laying off or furloughing staff. Another 36% have taken a pay cut.

Additionally, a small group of respondents (7%) believe that the pandemic has brought opportunity. The report also found that over 75% of small businesses with five (or more) employees have applied for Payroll Protection Loans, with 20% having already received funds.

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