This Percentage of Small-Business Owners Think They'll Never Recover (Infographic) The number is concerningly high.
By Jessica Thomas Edited by Jessica Thomas
As the global health crisis continues its spread across the U.S., millions are newly unemployed, businesses are shuttering for the foreseeable future and uncertainty is high. Hit particularly hard by this crisis are small-business owners, many of whom are far short of the cash they'd need to weather the storm.
Although loans from the federal government are available to help small-business owners stay afloat, a survey from online loan platform Lending Tree found that people aren't confident these measures will help them in the long term. In a survey of 1,200 business owners, nearly half have shut down temporarily, and 71 percent are worried their businesses will never recoup the losses from this crisis.
Related: 8 Ways Business Owners Can Take Advantage of the Federal Stimulus Package
Nearly half (47 percent) of business owners have taken on new debt to keep things moving, and another 34 percent have applied but not been approved for loans.The infographic below offers more information from the survey.
If you're one of the eight in 10 business owners who has "no idea" where to get emergency funding, BIZ Experiences's stimulus coverage is here to help.
Related: How to Submit Your SBA PPP Loan Application and Calculate the Loan Amount
Related: 3 Financial Steps Small-Business Owners Should Take Right Now
