New State of Small Business Report Released for July

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.

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