NEW ORLEANS – A new national survey of small business owners from Goldman Sachs 10,000 Small Businesses Voices shows that America’s Main Street businesses are reopening and their owners have access to vaccines. However, small businesses are concerned about maintaining payroll through the summer without additional relief, highlighting the fragility of this recovery and the requirement for continued access to capital.
A year ago, when Goldman Sachs 10,000 Small Businesses Voices began surveying American small business owners, only 39% of respondents were open for business. Today, 84% of respondents report they are fully open for business and 15% are partially open. Compared to a year ago, small business owners overall are 21% more confident of their business’ survival – 89% in April 2021, compared to 68% in April 2020. Eighty-seven% of Louisiana small business owners are confident they will be able to survive.
Additionally, 80% of respondents report having been given the opportunity to be vaccinated and 67% have received a COVID-19 vaccination. In Louisiana, those numbers are higher with 88% of small business owners surveyed have personally been given the opportunity to receive a vaccination and 77% have received a vaccination.
While small business owners begin their recovery in earnest, warning signs remain about their ability to return to business as usual. 91% of small business owners who qualified and applied for the Payroll Protection Plan’s second round have received their funding. However, 77% of small business owners nationally – and 74% of Louisiana small business owners – expect to exhaust their second round of PPP funding by the end of June. Only 28% of Louisiana small business owners expect to be able to maintain payroll without additional relief.
“Across America, it’s back to business on Main Streets as operating restrictions are eased and customers are becoming increasingly comfortable visiting their favorite local businesses,” said Jessica Johnston-Cope, chair of Goldman Sachs 10,000 Small Businesses Voices National Leadership Council and owner of Johnson Security Bureau in New York. “Even as optimism increases, the stark reality is that COVID-19 has forever changed the landscape for small businesses – in ways big and small. After a year with significant challenges, a full recovery for small businesses is not yet in sight and the reality is the majority of small business owners surveyed expect to need additional aid to maintain payroll through the summer.”
To see the full survey, visit gs.com/doors-opening-but-not-in-the-clear.
