The good news is that 86 percent of small businesses have reopened either fully or partially.
The bad news is that seven out of 10 are concerned about the long-term financial impact of COVID, and 58 percent worry that they might eventually have to close permanently.
Those are two findings from the Small Business Coronavirus Impact Poll by the U.S. Chamber and MetLife. The bottom line: while small businesses, including law firms, are moving forward, anxiety remains high.
Click here to read the full report.
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Small Business Coronavirus Impact Survey
Here are some of the highlights:
- Fifty-six (56) percent are concerned about the lack of clear and uniform guidance on reopening procedures, up from 48 percent in May.
- Thirty-two (32) percent have added equipment and supplies to prepare for future disruption; 29 percent have updated their websites and social media profiles; 25 percent have beefed up their ecommerce and digital pay options.
- Sixty-one (61) percent say their local economies are healthier than the national economy.
- Fifty-five (55) percent report comfort with their cash flow.
- Fewer retail businesses are open (82 percent) than manufacturing (87 percent) and professional services firms (92 percent).
- Fifty-six (56) percent believe it will take six months to a year before the business climate returns to normal, and 53 percent expect revenues to increase next year.
- One in five (19 percent) received a PPP loan; two-thirds of them are concerned about meeting the criteria necessary to receive loan forgiveness.
- Sixty (60) percent have maintained the same size staff as the last year, while 20 percent have added staff and 17 percent reduced staff. Thirty (30) percent expect to increase hiring next year.
- Nearly one in three (31 percent) expect to face more competition next year.
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