Is it the end of small business? A new study suggests so.
According to the results of a Society for Human Resource Management survey, 52 percent of small businesses expect to close their doors within the next six months.
The poll further revealed that only one-third of smaller enterprises anticipate to continue operations for more than six months. Fewer than one-fifth are uncertain.
The survey of 375 firms was conducted between April 15-21 and doesn’t account for improved business conditions as some U.S. states reopen this month.
“SHRM has tracked Covid-19’s impact on work, workers, and the workplace for months,” said SHRM Chief Executive Officer Johnny C. Taylor, Jr., in a statement. “But these might be the most alarming findings to date. Small business is truly the backbone of our economy. So, when half say they’re worried about being wiped out, let’s remember: We’re talking about roughly 14 million businesses.”
This comes after a Chamber of Commerce study found that a huge number of small businesses revealed they do not expect to survive another month.
It is a blood bath out there.
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