LAS VEGAS (KLAS) — There is new data in regarding recovery of small businesses.
This data from “Kabbage,” an American Express Company, is tracking small business growth across the U.S. Through next year.
It found 57% of the businesses surveyed say their businesses are now fully open, as local and federal shutdowns ease.
Keep in mind, there are 30 million small businesses across the nation. About 90% of them have fewer than 20 employees, and 80% have fewer than 10 employees.
Small businesses in general account for 50% of our non-farm gdp and 66% of all new jobs that are created.
Co-founder of Kabbage Kathryn Petralia says there are great government programs to help these businesses recover.
“Only a small percentage of businesses took advantage of paycheck protection program the first time around under “The Cares Act,” there is now a second round available,” Petralia said. “If you never borrowed under the program, most of those loans are going to become grants. It’s really a great opportunity to get capital, to help bridge the gap.”
A third of the businesses surveyed plan to expand their digital operations to either supplement, or altogether replace, in-person operations.
Overall, many agreed they would consider adopting new technologies to run their company more efficiently.
You can read the full report by CLICKING HERE.