June 8, 2020
By: Caity Witucki
Contributing Editor, Main Street Monday
Main Street Monday – Nearly 8 in 10 Small Businesses Reopen
According to the latest MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Report, nearly 8 in 10 American small businesses report they have reopened in some capacity and many are showing signs of optimism despite facing ongoing challenges related to the coronavirus pandemic.
The May report indicates that 41% of U.S. small businesses are now fully open and 38% are now partially open. 19% remain temporarily closed and only 1% reported that they were going to be permanently closed.
Throughout May, small businesses’ level of concern about the impact of COVID-19 subsided slightly. Overall, 82% of small businesses remain concerned about the impact of the pandemic. However, the number of small businesses reporting they are ‘very concerned’ is now 43%, a 10 percentage-point drop from April, and a 15-point drop from March.
Perceptions of cash flow and revenue have also improved. 56% of small businesses now report that they feel comfortable with their company’s cash flow, up from April’s low of 48%. In addition, 50% expect next year’s revenues to increase while 19% expect them to decrease. In comparison, MetLife & U.S. Chamber of Commerce’s April poll indicated that 47% of small businesses expected an increase in revenue and 25% expected a decrease.
“Small business owners are cautiously optimistic about opening their doors again. But they remain concerned on what the post-COVID world looks like and how they can successfully reopen, while ensuring the safety for their employees and customers,” says U.S. Chamber of Commerce president, Suzanne Clark. “Business owners across America need clear guidance at the federal, state, and local level on how to reopen their businesses safely and sustainably.”
As small businesses adapt to the new environment, three in ten (30%) anticipate needing more guidelines on how to keep customers and employees safe and well.
The Small Business Coronavirus Impact Poll is a special monthly coronavirus report, separate from the quarterly MetLife & U.S. Chamber of Commerce Small Business Index. To read the full report, visit uschamber.com/sbpoll.