Small Businesses Find Optimism with Federal Help
Times are tough for many businesses but there is still some recent data that suggests optimism among small businesses.
A new survey of more than 1,000 U.S. small business owners with fewer than 100 employees by Bill.com found that 75% of small business owners plan to introduce new products and services they hope will drive growth in 2021. While four in five (82%) believe economic uncertainty has hindered their business growth, nearly half (47%) still believe their businesses will experience growth in the first quarter of 2021.
Government support through the Personal Protection Program (PPP) has helped, but still about 43% of small businesses say they don’t think their businesses will return to normal until Q4 2021 or 2022. But PPP funds have provided positive impacts for those small businesses that received funding.
According to Goldman Sachs 10,000 Small Business survey, 55% of those who have received a second PPP loan have been able to hire or re-hire employees. The survey also found that half (50%) of small business owners have been forced to dip into their personal savings to say operational, while some 58% of small business owners have foregone paying themselves at some point during the pandemic.