A quarter of small businesses say they’re on the brink of permanent closure

A quarter of small businesses say they're on the brink of permanent closure.

by Nihal Krishan · April 3, 2020
One-in-four small businesses say they are less than eight weeks away from closing permanently and another 24% of small businesses have already closed temporarily amid the coronavirus pandemic economic shutdown, according to polling released Friday by the U.S. Chamber of Commerce.

A total of 54% of all small businesses report that they have closed or expect to close temporarily in the next 14 days.

“This is an extraordinarily difficult time for small business owners across the country,” said Christel Slaughter, the chairwoman of the business group’s Small Business Council. “Many are facing significant disruptions, and as the data shows, many are on the brink of closure.”

The poll, which was conducted from March 25-28 and released by the chamber and the insurance company MetLife, shows that direct cash payments would be the most helpful form of aid from the federal government, according to a majority of small businesses. Treasury Secretary Steven Mnuchin on Monday said that small business loans included in the coronavirus relief bill enacted late last week would be available Friday.

“As the poll results show, small business owners are looking for loans and financial aid to ensure they do not have to shut their doors or go bankrupt because of the coronavirus,” said Neil Bradley, chief policy officer at the chamber

“American banks are ready to help, but they need clear guidelines from the administration,” Bradley said.

Washington Examiner · by Nihal Krishan · April 3, 2020

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