Loss of regular paychecks or reduced amounts for you and your employees Meanwhile, about a third (34%) said their business is operating as normal. Most of those who were closed said it is temporary until restrictions are lifted. The significant majority of owners say their business has been affected by the virus.Īt the time of the survey, 16% of owners reported that their business was closed because of the pandemic, while half said their business is still operating but with reduced staff or with significant changes in their services. The latest Wells Fargo/Gallup Small Business survey focused on how owners are coping with and responding to changes in their business as a result of COVID-19. Impact of COVID-19 on Business Operations In addition to their generalized optimism about their business, small-business owners express increased positivity about their financial situation, revenue and cash flow over the next 12 months. Interviews were conducted May 29-June 5, prior to the recent increase in coronavirus cases nationally and setbacks in reopening plans in some states. Two-thirds (67%) of small-business owners are more optimistic than pessimistic about their business, up from 47% in early April but still off from the 80% in January, before the weight of the pandemic hit. While small-business owners remain less optimistic about their current and future business situations than they were pre-pandemic, the latest Wells Fargo/Gallup Small Business Index survey highlights improvement in sentiment since early April. PPP: Many small-business owners applied, some still pending approval.Diverse owners match nondiverse optimism on many, but not all, metrics.
Optimism has risen since the start of the pandemic, but is still subpar.
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