Grim Survey – a Nation of Broke and Broken Shopkeepers?

Ken Zino on the Plight of small business under the vindictive and covid-denying Trump mis-administration

The health of small business under the vindictive and covid-denying Trump mis-administration is dire. Click to Enlarge.

Census Bureau data from its latest weekly pulse survey on small businesses are bleak. The survey came out just before Treasury Secretary Steven Mnuchin astounded the financial world last Friday by saying he would not extend after year end the Federal Reserve backing of  corporate credit and the Main Street and municipal lending programs. Mnuchin asked for the Fed to return the roughly $455 billion of unused capacity to the Treasury. Mnuchin is likely trying to stop President elect Biden’s next Treasury secretary extending relief to state and local governments. It will make it harder for small businesses to borrow. (see AI Federal Reserve President on Do Nothing Republicans – The Economy Goes Where The Virus Goes)

The Federal Reserve – in what AutoInformed says is the latest example of the ugly, vindictive politics of the defeated at the ballot box, impeached and lame-duck Trump – responded with a statement claiming it “would prefer that the full suite of emergency facilities established during the corona-virus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.” Fed Chair Jerome Powell said earlier in the week  there was a need for the programs to continue. 

Based on responses collected by Census, which in this case was not trying to prevent people from voting, during a survey November 9 through November 15:

  • 46.7% of U.S. small businesses believe more than 6 months of time will pass before their business returns to its normal level of operations
  • 74.1% of U.S. small businesses have requested financial assistance from the Paycheck Protection Program since March 13, 2020
  • 26.4% of U.S. small businesses have experienced domestic supplier delays in the last week
  • 63.2% of U.S. educational services businesses have experienced an increase in the use of online platforms to offer goods or services
  • 48.5% of U.S. retail trade businesses have experienced domestic supplier delays in the last week
  • 37.3% of small businesses in the Jacksonville, FL Metropolitan Statistical Area have experienced little or no effect from the corona-virus pandemic
  • 60.3% of U.S. small businesses have experienced no change in operating revenues in the last week (from already depressed levels – editor)
  • 74.1% of U.S. small businesses have experienced a large or moderate negative effect from the COVID-19 pandemic 

About Ken Zino

Ken Zino is an auto industry veteran with global experience in print, broadcast and electronic media. He has auto testing, marketing, public relations and communications expertise garnered while working in Asia, Europe and the U.S.
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