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Survey: Small businesses worried they won't survive COVID-19

Posted at 11:27 AM, May 05, 2020
and last updated 2020-05-05 11:27:58-04

LANSING, Mich. — A survey done by the Small Business Association of Michigan has revealed one in seven small businesses or 14% of them, "are not confident they will survive the COVID-19 pandemic, according to a news release.

The SBA of Michigan said the survey, which was done in late April, showed more than 1,300 small businesses found that 60% of businesses have had to lay off at least one employee.

“The COVID-19 pandemic and closure orders have created such an uphill challenge for small businesses that one out of every seven in Michigan aren’t sure they’ll be able to recover,” said SBAM President Brian Calley. “Michigan small businesses are truly struggling to survive.”

The survey also showed the following:
• Nearly 45% of small businesses are closed.
• More than 50% of small businesses don’t have the ability for their employees to work from home.
• 72% of surveyed businesses have applied for the Paycheck Protection Program, and 43% have applied for other loans or advances.
• 56% of small businesses don’t believe they will be able to implement split shifts to limit exposure to the virus.
• 35% of small businesses would need additional physical space to meet social distancing guidelines.
• 44% of small businesses said they don’t qualify for classification as critical essential infrastructure.

“These are extremely difficult times for Michigan’s small businesses and the results of this survey confirm those facts,” said SBAM CEO Rob Fowler. “SBAM is doing everything we can to help small businesses get through these times so they can hopefully return to their place as the backbone of our economy.”

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