This morning, U.S. Chamber of Commerce Small Business Council member, Joe Shamess of Flags of Valor testified in the Senate about SBA’s Paycheck Protection Program (PPP) and his sense of the economy on Main Street. Joe’s testimony reflected the amazing spirit and optimism of Free Enterprise while at the same time acknowledging how tough it is to be a small business owner right now.
New data released today in the MetLife & U.S. Chamber of Commerce Small Business Coronavirus Impact Poll tell the same story. An increasing percentage (50%) of small businesses are optimistic that they will increase revenues next year, rising from 47% last month. From a pragmatic standpoint, more and more small businesses (55%) believe it will take more than 6 months before economic conditions return to normal for them. That number was 50% last month and 46% two months ago.
There is still a tremendous amount of uncertainty. Will social unrest and protests create a spike in coronavirus illnesses? What will Main Street look like when we know that many small businesses will not make it? Will there be a second wave of infection during this winter’s flu season?
What we do know is that as a growing number of small businesses re-open, their optimism for the future increases along with increased revenues, re-hiring, and re-building. The U.S. Chamber of Commerce will do everything possible to push government to remove uncertainty by simplifying federal assistance, shielding re-opening businesses from unjustifiable lawsuits, and providing consistent health and safety guidance. Uncertainty may slow the recovery, but we stand with the business community to allow the light of Free Enterprise in America to shine through and guide us forward.
–Tom Sullivan, Vice President, Small Business Policy, U.S. Chamber of Commerce