52% of small businesses expect to go out of business within six months.
Small business sentiment continues to worsen despite some short term victories like the second tranche of PPP. The Society for Human Resource Management (SHRM) released research findings this week that clearly shows the deterioration of small business is likely to go from bad to worse, as 52 percent of small business owners expect to be out of business within six months. The survey examining the impact of COVID-19 identifies significant, widespread economic pain—such as layoffs, furloughs, and lost revenue—that needs to be treated as public and private sector leaders move to reopen the economy.
The survey of U.S. small business owners found:
- A majority (52 percent) expect to be out of business within six months;
- 54 percent have laid off employees while 22 percent have furloughed employees;
- 62 percent report a general decrease in revenue while 12 percent report a general increase;
Of those small businesses reporting decreased revenue, 47 percent report losses of 10-30 percent, 41 percent report losses exceeding 30 percent, and 13 percent report a total loss of revenue.
Download the survey results below: