WASHINGTON, D.C. – A staggering 21% of American small businesses report having only about six months to live if economic conditions remains unimproved.
That’s according to the results of a new survey from the National Federation of Small Business (NFIB) Research Center released Monday. To make matters worse, only 19% of small business owners believe they can make it 7-12 months without an improvement in the economic environment.
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Click here to review the survey results.
“In New Jersey, the results of this survey come as no surprise when many state small businesses were hard hit and unable to come back financially with restrictions still in place and consumers hesitant to patronize certain types of businesses,” said Eileen Kean, the state director of NFIB’ss New Jersey chapter. “The travel and entertainment industries continue to suffer and small restaurants still can’t make a profit with no diners allowed indoors. Financial assistance is still needed from state and federal government if they are going to survive this economic crisis”
“The health crisis is not impacting small businesses equally,” added Holly Wade, NFIB Director of Research and Policy Analysis. “Small businesses are adapting to the abrupt shifts in consumer spending, managing customer and employees’ health and safety, and complying with state and local mandates which are all creating additional stress for small business owners. Many of them still need more financial assistance just to keep their doors open and staff on payroll.”
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