New Poll: Surviving Small Businesses Optimistic But Have Future Concerns
Washington, D.C. (May 27, 2021)—Today, the Job Creators Network (JCN), a leading small business advocacy organization, is launching a new monthly poll called the JCN Monthly Monitor. Pollsters, John McLaughlin and Scott Rasmussen, have teamed-up to conduct the regular survey of U.S. small business owners. Today marks the release of the inaugural edition of the survey, which gives insight into current and future economic conditions, as well as how small business owners view proposed Biden administration policies.
Questions around the economy will be reoccurring and therefore can track how small business views change overtime, but other questions will be switched out to record opinions on different policy issues or news events of the day.
According to the latest data, in general, small businesses (the ones who survived the pandemic) feel like they’re in good shape, but many are still recovering from the economic problems of the last year. Although on the path to recovery, the small business community is in a vulnerable position and are concerned about the economic threats coming from Biden administration policies. Read the topline findings here or below.
- 75% of small businesses say their current financial condition is either good or excellent; 61% believe it will improve over the next three months.
- 45% of respondents rate the small business climate as good or excellent, while 43% rate it as fair and 12% as poor.
- Many small businesses are still clawing their way out of the pandemic-induced hole. Among small businesses that were negatively impacted by the pandemic, only 6% say they have fully recovered; an additional 43% of respondents believe they will be fully recovered within six months.
- Government lifelines—such as the Paycheck Protect Program—helped many small businesses avoid the worst-case scenario. Approximately 2 in 5 (38%) small businesses took advantage of a pandemic-era government grant/loan program; 69% of small businesses employing between 10 and 19 people benefited from one.
- The top three biggest concerns for small businesses are 1.) Economy/Client Spending, 2.) General Operating Costs, and 3.) Taxes
- 35% of respondents say Biden’s economic/tax policies will help small businesses, while 42% believe they will harm them.
- 53% of small businesses disapprove of raising the corporate tax rate.
- There needs to be a lot more education on the PRO Act, small business employers don’t know what it is.
Elaine Parker, JCN Chief Communications Officer, released the following statement:
“The JCN Monthly Monitor will be the go-to source to see how small businesses are feeling across the country. As the backbone of the economy, small businesses provide a good indication of where the U.S. stands broadly. Data from May suggests that although the small businesses that weathered the pandemic are optimistic about their current financial conditions, proposed policies from the Biden administration could pose a threat in the future. It’s something Congress should keep in mind when considering components of the Biden agenda.”
Market researcher John McLaughlin released the following statement:
“The results of the JCN Monthly Monitor reveal that, at this moment as the economy reopens, small business owners are feeling pretty good. Three-quarters of respondents believe their current financial conditions are good and six-in-ten business owners say it’s going to improve over the next three months. It will be interesting to track how small business perceptions change as the economy returns to normal, but at the same time, policies of concern—such as tax hikes—are pursued by the current White House.”
Market researcher Scott Rasmussen released the following statement:
“The Small Business Intelligence Quotient is designed so that any readings above 50 represent generally positive attitudes. The inaugural edition shows an SBIQ score of 59.8, modestly positive. Small business owners today might best be described as cautiously optimistic. Things are better than they were a few months ago, but small business owners are also wary of potential storms on the horizon.”