Alignable has just released their State of Small Business Report for July. it includes trends from the 460,000+ small business owners we’ve surveyed since mid-March, as well as the very latest insights based on last week’s poll. Here are just a few highlights:
National Fear Of Re-Closing Up 41% — Across the U.S., the fear of needing to re-close again due to outbreaks has skyrocketed 41% — up from 17% in May to 24% in late June. And while that fear is higher in FL & TX, those small business owners are even more worried about customers being too afraid to return.
Impending July Cash Crunch: Though fears about re-closing and apprehensive customers are pervasive, the No. 1 worry among SMBs is running out of cash.
- 43% of PPP loan recipients say they’re almost out of money.
- Worse yet, a whopping 69% of small businesses that never got federal funding say their cash reserves could be gone by July’s end.
- For many minorities, those numbers are even higher.
Hiring’s Up, But Revenues Grow More Slowly
- 77% of small business staffers are back on the payroll (up 19% from May). That’s a great sign.
- BUT…49% of the owners say they have less than half of the revenue they had prior to the pandemic.
88% Of Small Businesses Are Open: That’s a significant jump from 68% in May. Even more promising, 50% of those businesses are fully open vs. just 40%. Though we’ll need to see if those numbers hold as some state reopening strategies slow down or reverse.
Those are just a few insights shared in the July report. Read the rest here.