Data: Goldman Sachs; Chart: Axios Visuals
Data: Goldman Sachs; Chart: Axios Visuals

A new survey from Goldman Sachs through its 10,000 Small Businesses program (via Axios) finds that more than half of small business owners. Here are some findings from the survey. (However, for many of those reading this, it will sound too, too, familiar.)

52% | Percentage of survey participating small-business owners who have stopped paying themselves in a bid to keep their businesses afloat
42% | Percentage of small business owners who have begun laying off employees or cutting worker pay
33% | Owners who have dipped into personal savings to stay operational
28% | Say the legislative uncertainty has caused them to consider closing their business
38% | Say they will have to lay off more employees or cut employee compensation
20% | Said they will not be able to pay their commercial rent through the end of the year without additional help from Congress
59% | Said their revenue has been negatively impacted.
86.5% | Of those whose revenue has been negatively impacted, 86.5% attribute it to changing customer behavior
44% | Said the decline in revenue is due to more restrictive state and local regulations.

Black business owners have struggled even harder

61% | Black business owners who say they have forgone paying themselves as a result of congressional inaction
57% | Black business owners who say that less than half of their pre-COVID revenue has returned.


“The economy is dependent on fiscal support to sustain momentum in the near term and to generate reflation in the longer term. This electoral outcome is the one that most jeopardizes the prospect of fiscal stimulus over both time horizons and therefore is the one that is most threatening to the economic outlook. With monetary policy largely bled dry, fiscal policy is the only game in town when it comes to managing the economy.  That means that fiscal stimulus is critical to the economic outlook.”

Eric Winograd
Senior Economist | AllianceBernstein


Infographics: Goldman Sachs

Related Articles

2
How to Apply for a Small Business ‘Payroll Protection Program’ Forgivable Loan

Late on Friday, treasury secretary Steven Mnuchin tweeted that $1.8 billion in loan applications had been processed, mostly from community banks.

3
Unemployment Help From U.S. Federal Agencies (2020)

CareerOneStop.org is a good place to start. It can help with unemployment insurance benefits, job training, and finding a job.

4
Trump Signs the Bi-Partisan Stimulus Bill into Law (Update. 4.16.2020)

An unprecedented $2 trillion aid package designed to help the economy rebound from the coronavirus pandemic.

5
SBA Will Defer Existing Disaster Loans Through the End of 2020

The SBA says it is looking at every option to cut red tape to make it easier for small businesses to stay in business.

6
Small Business Optimism Index Drops Most in its History

Small business optimism sinks to record level — in just half a month.

7
White House Request for $250 Billion Small Business Loan is Stalled in Senate

The legislation requires a unanimous vote by the Senate.

8
Why $7.5+ Billion is Being Returned to Auto Insurance Policy Holders

With most of the country operating under stay-at-home orders, fewer accidents and claims happening.

9
How Coronavirus is Affecting Small Businesses in Some States More Than in Others

87% percent of small business owners surveyed said their business is hurting from coronavirus.

10
Update: Lawmakers and President on the Verge of Striking a Funding Deal

The deal may be agreed upon as early as Monday (4.20.2020)

11
80% of Small Business Loan Applicants Are Still Waiting

In a recent NFIB survey, 65% of the participants said they don’t believe the economy will fully recover until 2022.

12
SBA Slashes Disaster-Loan Limit from $2 million to $150,000

After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed a $150,000 limit.

13
IRS Announcements Provide Guidance on Small Business Tax Issues and Tools

Do you have a tax-related question? You may find the answer here.

14
An Overview of the New & Improved Small Business Paycheck Protection Program

The PPPFA provides two new exceptions for borrowers to qualify for forgiveness even if their workforce isn’t fully restored.

15
How John Krasinski Grew ‘Some Good News’ Into Some Even Greater News?

How actor John Krasinski found ‘some good news’ in the era of coronavirus.

16
State-by-State Listing of COVID-19 Resources

Each state has its own unique listing of COVID-19 resources. Here are some from each.

17
Coronavirus (COVID-19): Small Business Guidance & Loan Resources (SBA)

Recommended strategies that employers can use now.

18
100+ BigCo CEOs Predict Dire Consequences if Congress Fails to Pass Small Business Pandemic Relief

100 CEOs called on Congress Monday to pass long-term relief to ensure small businesses survive the coronavirus pandemic.

19
Retailers (Large & Small) are Seeking a Nationwide Mask Policy

Since the onset of the pandemic, retailers — of all sizes — have been on the front lines of interactions with customers and suppliers.

20
President Trump Signs Small Business Loan Funding Bill

Funding package increases aid to small businesses, hospitals and Covid-19 testing.

21
Lawmakers, Officials are Preparing Significant Changes to PPP Loan Program

Both changes follow small business owners who say they can’t hire back staff while they are closed during the coronavirus pandemic.

22
Helpful Work-Related COVID-19 Articles from the U.S. Centers for Disease Control and Prevention

CDC resources and articles organized in a work-related table of contents.

23
Survey: Small Business Employees Say Covid-19 Could Lead to More Work-at-Home Adoption

Employees of companies — large and small — are bracing for the ongoing impacts of Covid-19.