Survey: More than 1 in 3 Small Businesses Won’t Survive Past the Next Three Months Without Additional Financial Relief
Small Business Majority
First published October 2020
For months, Congress and the White House have conducted negotiations on another round of stimulus relief in fits and starts as they struggle to agree on the size and scope of a stimulus package. Small Business Majority’s latest survey reveals that the uncertainty of whether more help will arrive has left too many small businesses on the brink of collapse.
The survey finds that without additional funding, more than 1 in 3 (35%) small business owners will not survive past the next three months. The number is even higher for small business owners of color: an astounding 41% of Black and Latino-owned businesses won’t make it through the next few months without additional financial support. And 1 in 5 small business owners report they’ve considered filing for bankruptcy. These numbers have grown since our last survey was released on August 27, when 26% of small businesses reported they wouldn’t survive more than three months, and 16% reported they’ve considered bankruptcy.
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