Mar 24, 2021 - Economy
Almost half of small businesses fear closing before end of Q2
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Half of all women-owned businesses and nearly 6 in 10 small businesses owned by people of color (59%) are "highly concerned" about keeping their firms solvent through the end of the second quarter, a new survey from Alignable shows.
The big picture: Almost half of all businesses (45%) said they were "highly concerned" about their ability to keep the lights on, including close to two-thirds of all beauty salons (63%) and caterers (63%).
- An additional 30% of all small business owners in the survey said they were "somewhat concerned," meaning 75% of the 5,306 small business owners who took Alignable's poll are concerned.
Details: 41% of all small business owners say they only have one month or less of cash reserves (up from 32% in February).
- 49% were not able to pay March rent (up from 38% last month).
- 74% report significant problems receiving their PPP funds, while only 26% say the PPP provided their loans quickly and easily.
