Goldman Sachs Survey of Small Business Owners Highlights Hurdles on the Road to Recovery
09 Junho 2021 - 10:00AM
Business Wire
While 71 percent of small businesses are
hiring, 81 percent of those businesses report difficulty recruiting
qualified candidates as operating costs continue to rise
A new national survey of small business owners from Goldman
Sachs 10,000 Small Businesses Voices shows that small businesses
across America are open for business but hitting roadblocks at
every turn. While small business owners express optimism about the
future, they face difficulties hiring employees and maintaining
payroll as operating costs increase. Long-term access to capital
and inflation are also pressing concerns for Main Street
businesses.
The new survey found that of the 71 percent of small businesses
currently hiring, 81 percent are finding it difficult to recruit
qualified candidates, citing a limited labor supply, generous
unemployment benefits, and high labor costs. At the same time,
83 percent of small business owners report an increase in
operating costs in the past few months and 82 percent are
concerned about the impact of inflation on their businesses. As a
result, almost half of small businesses (48 percent) have had to
increase their prices.
Other key insights from the June survey include:
- While many small business owners (44 percent) are still
struggling financially due to the impact of COVID-19, the
majority of those surveyed (67 percent) now believe that the United
States is moving in the right direction.
- Small business owners generally support President Biden’s
infrastructure proposal, with 61 percent in support of the American
Jobs Plan and 60 percent in support of the American Families Plan,
but less than 50 percent believe it will help their business.
- 82 percent of small business owners who received a second PPP
loan expect to exhaust their PPP loan funding by the end of July
and only 24 percent are very confident they will be able to
maintain payroll if no further government relief is provided.
Almost all small business owners (93 percent) support Congress
re-evaluating the SBA loan terms so that hard-hit small businesses
can access capital.
- Finally, small business owners overwhelmingly support (88
percent) increasing opportunities for small businesses through the
federal procurement process. Almost all respondents (93
percent) call on state and local governments to prioritize
contracts for small businesses as part of the proposed
package.
"Small businesses are the engine of the economy and need
continued support from our policymakers to make a full recovery,"
said Jill Bommarito, Founder & CEO of Ethel’s Baking Company
and member of the 10,000 Small Businesses Voices National
Leadership Council. "Today's survey shows that Washington must
act now to address hurdles on the road to recovery, including
rising operating costs, access to capital, and labor
shortages."
For the full survey, please visit
gs.com/small-businesses-hit-roadblocks-on-road-to-recovery.
The survey of 857 Goldman Sachs 10,000 Small Businesses
participants was conducted by Babson College and David Binder
Research from June 1-2. The survey included small business owners
from 46 U.S. states and two U.S. territories, 53% of whom were
women.
ABOUT 10,000 SMALL BUSINESSES VOICES
Goldman Sachs 10,000 Small Businesses Voices is an initiative
for program participants to organize and advocate for policies that
matter to them. It builds on Goldman Sachs 10,000 Small Businesses,
which over the past decade has provided access to education,
capital, and support services to more than 10,000 small business
owners across all 50 states, Puerto Rico, and Washington D.C.
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version on businesswire.com: https://www.businesswire.com/news/home/20210609005135/en/
Patrick Scanlan Goldman Sachs & Co. 212-902-5400
Goldman Sachs (NYSE:GS)
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