Devastating: Poll Reveals the Financial Strain COVID Has Caused Small Businesses

A poll released Tuesday found that 85% of small businesses will need federal funds to stay open during the coronavirus pandemic.

Alignable, an online referral network for small businesses, conducted the poll, which asked small businesses how important additional federal relief funds were to their ability to stay open through June 2021. 48% of small businesses said federal funds are “critical” to their survival, 37% said they are significantly important, 12% said they are somewhat important, and just 3% said that federal funds are not important.

Small businesses need an average of $110,000 per business in order to survive through June of 2021, according to the poll.

Business owners were also asked what they would spend the money on if they received another loan. The most common response was paying rent or employee salaries. Business owners also said that they would pay for additional bills, pay themselves, pay off other loans, invest in expansion plans, or participate in online education to become more virtual. (Read more from “Devastating: Poll Reveals the Financial Strain COVID Has Caused Small Businesses” HERE)

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