57% Of Small Businesses Nationwide Say CARES Act Could Be Too Little Too Late
Largest, Most-Immediate Poll of Small Business Owners Shows Their Situation Requires More Than Federal Stimulus
BOSTON, MA: March 30, 2020: Alignable.com, the largest small business referral network in the North America, just conducted its latest poll of 12,200 small business owners over the weekend. Unfortunately, the majority of small business owners said that the $350 billion CARES stimulus package alone won’t fix the dire state of their businesses.
90% Of Small Businesses Say They've Been Impacted Negatively By The Coronavirus Threat
Key highlights from this poll and related Alignable surveys, the largest polls of small businesspeople available, paint an increasingly nerve-wracking picture for shop owners, travel agents, event planners, musicians and many other small business owners.
- Now 90% of small businesses say they’ve been negatively impacted by the Coronavirus. That’s up from 60% just two weeks ago. The states showing the most dramatic increase in problems include: Massachusetts, Michigan, Alabama, West Virginia, Iowa, Delaware, Montana and Kansas. (Survey sample: 108,000 responses).
- 37% say they have less than one month’s savings to keep them afloat. (Survey sample: 17,500 responses).
- 57% say they need more than the CARES act to sustain them. Either they’ll require more money than the government will provide (23%), or will need it earlier than it’s likely to arrive (34%). (Survey sample: 12,200 responses).
- 65% say they’re not sure where else to turn for extra funding to stay in business. (Survey sample: 8,300 responses).
#ShopLocalOnline To Benefit Your Local Business Community During The Coronavirus Crisis
Beyond tracking the impact of the Coronavirus on small businesses coast to coast, Alignable is:
- Urging people to #ShopLocalOnline, purchasing from local businesses first, including take-out food from restaurants.
- Encouraging community members to pre-purchase services with local salons, establishments that offer massages, gyms and more, through gift certificates or participation in fundraising opportunities, such as Indiegogo's Local Relief Program.
- Providing updated advice from experts regarding the best ways to generate revenue via articles, webinars, and videos showcased in Alignable’s Coronavirus Resource and Recovery Center.
Stay tuned for additional poll results from Alignable’s Weekly Pulse Polls, along with more company initiatives to combat the damaging effects of the Coronavirus threat.
Our Survey Methodology
The surveys listed above were conducted via email with a random sample of Alignable's membership database of 4.5 million+ small business owners from March 12, 2020 to March 29, 2020. These surveys have collected responses from 146,000 small business owners with 1-50 employees, making them the largest, most representative polls of small businesspeople anywhere.
Media outlets interested in more information or in arranging interviews should contact Chuck Casto via email at chuck@alignable.com or text at 508-314-3284. #SmallBusinessStrong
Comments (1-10)
We understand what is going on, we want to help in way we can. We must fight , we will overcome this problem as a country not as a business owner or individual, country. We have to get back to grassroots and build up from there. Say the pledge of allegiance, go back to church for any faith is better than no faith. We built this country on values, trust, hard work, A hard shack and your word was all you had and it was taken very seriously. I think as a whole we have lost the vision of our great country. We must help each other, get to know your neighbors, and community. Be part of the town meetings if we are not part of the town meetings then it is left up to the town officials and that is a huge problem because they have a different agenda than most of us. Forgive yourself and people who have hurt you. When you do you no longer carry the burden. People it is time to wake up for far to long American's have had there head in the sand, now look what is happening to this amazing country. This was not handed to us our forefathers laid their lives down for the future of the country not for them but for us our kids and grandchildren ect. See we must get back to grassroots.
I hope this doesn't offend anyone, that is not my Intent if I did my apologies.
Thank you,
Tom
Hey everyone, I know we are all affected but I have answered surveys for the last time. Yes it is affecting my business, but we need to start moving, be visible, help when needed and take care of our customers. I'm already planning and have planned and discussed with our clients of when we return. I am turning off news agencies, I'm only selecting certain social media outlets and using this time to spend with my family and friends even if they are far away.
Government should send cheques out $10000 each to each business
Please shop local, your Economy depends on it. Remember people first. Be safe, keep your distance from the next person, wash your hands, keep them away from your face, and if you can help it do not touch surfaces around you. Your life depends on it.
My take is the money will come too later for most small businesses especially the restaurants and bars.
Us Sole Proprietors without employees need help to maintain our rent, utilities, taxes and business insurance to remain open until this thing is finally over.
No, I'm afraid it will come too late for too many. There are too many people out of work to support the small business that need it right now - the reality has hit and everyone is starting to conserve their money.
If you changed banks since you last filed a tax return your stimulus or Disaster Relief Check may not get to you because they will try to deposit into that old account. You can go to IRS.Gov and fill out the 9783 form:
Electronic Federal Tax Payment System. Hopefully that will update your banking information with them.
Yes will need 6 months of rent payroll and fuel
Some commenters here don't seem to understand that the Paycheck Protection Program loans are up to 100% FORGIVABLE merely by retaining, restoring or expanding payroll for the first 8 weeks of the loan. It's actually pretty generous, though most businesses will need more - and probably much sooner than these loan funds will be available. For one potential source of bridge cash flow, visit EmergencyBusinessRelief.com.