Small Business Roundtable (SBR) and Facebook Release the State of Small Business Report
On May 18, 2020, the Small Business Roundtable (SBR) and Facebook partnered to release the State of Small Business Report on the impact of small businesses on the U.S. economy. The survey was conducted with approximately 86,000 people who owned, managed or worked for a small or medium-sized business (“SMB”).
"National ACE is thankful to Facebook and the Small Business Roundtable for this comprehensive report, which highlights the many difficult challenges small businesses face in the midst of this crisis. When small businesses struggle, minority and women-owned businesses are hit the hardest. As we focus on recovery, we must prioritize the needs of the most vulnerable and traditionally underserved. We're looking forward to continuing this work with Facebook and providing continued support to our underrepresented communities," said Chiling Tong, President and CEO, Asian & Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE).
This report follows a virtual discussion that SBR hosted this past Friday with Sheryl Sandberg, the Chief Operating Officer of Facebook. The group discussed the ongoing economic impacts and the importance of making sure small businesses are at the center of our recovery efforts. The report results provide a better understanding of which businesses are still operational and which are not, where they are located, and what their most pressing needs are. Key results include:
A third of small businesses have closed their doors to an uncertain future.
The biggest challenges for small businesses are access to capital and customer demand behavior.
Small and medium-sized businesses are turning to internet tools to adapt.
Nearly half of small business owners and managers are struggling to balance running a business and caring for their households.
Employees are facing dire economic circumstances. More than half of the small business owners and managers surveyed don’t intend to rehire.
But yet, 57% of owners and managers remain optimistic and resilient.
More results from the report can be viewed here.
