One in seven small businesses believe they won't make it
A survey by the Small Business Association of Michigan suggests one in seven of their members will go out of business because of the COVID-19 pandemic.
The primary concern is the mandated closure of many businesses. It means zero income for many retailers and non-essential businesses.
Businesses with more than 100 employees are more optimistic about surviving the pandemic. The organization finds the smallest businesses anticipate they might not survive.
“The smallest companies had the least amount of confidence about the future,” said Brian Calley, President of the organization.
He added that consumer’s habits have changed and that’s also a concern for the future.
“The entire world has been pushed into a scenario where they’re adopting purchase habits that suit a company like Amazon. And there’s nothing to say that those purchase habits are going to change back when regular retail is available again.”
Even with the federal programs of loans and grants, many businesses don’t believe they can survive.