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March 13, 2020

Survey: Small-biz impact minimal — so far

PHOTO | NEW HAVEN BIZ Many Connecticut business owners and executives, such as Greater New Haven Chamber of Commerce President Garrett Sheehan, are taking COVID-19 precautions personally.

The National Federation of Independent Business (NFIB) Research Center early Friday released data on the impact the coronavirus has had on small businesses.

The center’s new nationwide survey on the impact to date of the COVID-19 outbreak found that while most small-business owners are not currently impacted, owners are concerned about future disruptions if the outbreak continues to escalate. 

Three quarters of small businesses (74 percent) report that they are not presently impacted by the coronavirus outbreak. However, the outbreak is negatively impacting about 23 percent of small business owners. Three percent reported a positive impact.  

Of those small-business owners not yet impacted, 43 percent anticipate their company being impacted if the coronavirus outbreak spreads to, or spreads more broadly in, their immediate geographic area over the next three months. Twenty percent do not expect to be impacted if the outbreak spreads, and another 37 percent are unsure. 

Of those businesses negatively impacted, 39 percent report experiencing supply-chain disruptions, 42 percent slower sales, and 4 percent sick employees.

While most small-business owners say they are not currently impacted, many are taking measurable steps to prepare their business from the coronavirus outbreak. Thirty percent of owners have stocked up on disinfectant and hand sanitizer for their companies, and 12 percent have talked with employees about sick leave or work-from-home policies. Three percent have modified their supply chain or changed their buyers or vendors.

Just over half (52 percent) say they have not felt an immediate need to take any measurable steps.

Additional comments included owners taking action by talking with employees about helpful prevention practices, such as frequent hand-washing and ordering supplies and inventory ahead of schedule. 

The level of concern among small business owners about COVID-19 impacting their business varies greatly in these initial weeks of the outbreak. About 44 percent of small-business owners are “somewhat” or “very” concerned about its potential impact on their company (28 and 16 percent, respectively). Another 37 percent report being slightly concerned, and 18 percent not concerned at all.

Founded in 1943, the NFIB is a Washington, D.C.-based non-profit advocating on behalf of small- and independent-business owners.

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