The two organizations are releasing a report & convened small business leaders to highlight the importance of small business to the American economy
Washington, D.C. – The Small Business Roundtable (SBR), a coalition of leading small business and entrepreneurship organizations, has partnered with Facebook to release the State of Small Business Report on the impact of small businesses on the U.S. economy. This survey was conducted with approximately 86,000 people who owned, managed or worked for a small or medium-sized business (“SMB”). This report follows a virtual discussion that SBR hosted this past Friday with Sheryl Sandberg, Chief Operating Officer of Facebook. SBR CEOs and Facebook discussed COVID-19’s ongoing economic impact and the importance of making sure small businesses are at the center of our recovery efforts. The 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.
- 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.
Below are some quotes from event participants:
“This is just the beginning of the pandemic’s impact on the small business community – it will be long, deep and abiding. We want to work with the Small Business Roundtable and all of you to understand, and help other people understand, what small businesses are going through. We are committed to supporting them through the entirety of this crisis, which makes this report and this data even more important over the long run,” said Sheryl Sandberg, COO, Facebook.
Small Business Roundtable
“Small Business Roundtable is pleased to collaborate with Facebook in publishing this report to highlight the importance of small business to the U.S. economy. Now more than ever, it is crucial to raise awareness about the struggles that small businesses are facing in response to the economic turndown from the COVID-19 pandemic. Despite these setbacks, we are proud of the small business community’s resilience” said SBR Co-Executive Directors Rhett Buttle & John Stanford.
Small Business & Entrepreneurship Council
“As revealed in the State of Small Business Report, small businesses continue to face formidable challenges due COVID-19’s impact. At the same time, their resiliency and optimism serves as a ray of hope during the early stages of re-openings across the United States. Internet tools have played a significant role in their pivot to adapt and respond to restrictions placed on business activity, and technology platforms will play an outsized role in their ability to meet the needs of customers during the uncertain recovery period that lies ahead. We appreciate Facebook’s focus on helping small businesses during this critical period, and partnering with the SBR network so we can be more effective in our work,” said SBE Council president & CEO Karen Kerrigan.
National Small Business Association
“COVID-19 has had a profound impact on America’s small businesses, which translates into massive implications for us all: one-in-four Americans works for or runs a small business. Much like Facebook, the National Small Business Association is hearing daily about the hardships small businesses face, but more and more, we’re talking about the road ahead and what we can do to solve the economic crisis. It’s that can-do spirit and confidence—as shown by this survey—that makes small business so important as we work to get the country back on track,” stated NSBA President Todd McCracken.
United States Hispanic Chamber of Commerce
“The United States Hispanic Chamber of Commerce is proud to work with partners like the Small Business Roundtable and Facebook to provide data, funding, and resources to our minority-owned business enterprises who need virtual, low-cost solutions now more than ever,” said Ramiro A. Cavazos, President & CEO, United States Hispanic Chamber of Commerce.
“People with disabilities are twice as likely to be self-employed than people without disabilities, and with the post-pandemic economy, we should harness the opportunity to leverage disability-owned, including service-disabled veteran-owned businesses, for accessibility and innovation,” said Jill Houghton, President & CEO of Disability:IN. “The data provided in the State of Small Business Report from Facebook and Small Business Roundtable is clear – we must do more to ensure minority-owned businesses are not left behind.”
NextGen Chamber of Commerce
“We are proud to be part of the Small Business Roundtable and this unique partnership with Facebook. This report and its data points are critical to supporting millennial and generation Z entrepreneurs and small business owners, providing guidance and assistance during this pandemic and beyond,” said Aram Nadjarian, Chairman of the NextGen Chamber of Commerce.
U.S. Black Chambers, Inc.
“As the voice of the nation’s Black business owners, the U.S. Black Chambers knows firsthand Black business owners are hit the hardest by the pandemic. We look forward to working with the Small Business Roundtable and Facebook to ensure small businesses are at the center of recovery efforts,” said U.S. Black Chambers (USBC) President Ron Busby.
Asian & Pacific Islander American Chamber of Commerce and Entrepreneurship
“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)
National Association for the Self-Employed (NASE)
“The NASE appreciated the opportunity to dialogue and share insights as to the opportunities and challenges the current COVID-19 Pandemic has on the self-employed and micro-business community. The partnership with Facebook will be critical as we continue to collect data and information to help guide public policy on the federal, state and local level- in order to support current and future small business owners. We know our community is resilient but it is our collective strength that will ensure we emerge from this crisis stronger than ever. We look forward to working in partnership with Small Business Roundtable and Facebook in the months ahead,” said Keith Hall, NASE CEO & President
National Association of Women Business Owners
“The report released today shows the importance of women businesses to the US economy & recovery. The unique characteristics of women business owners puts them at significant economic risk during the COVID-19 pandemic. They are historically underfunded, lack emergency cash flow, and are now adjusting to a primarily digital economy, all while balancing increased household and caregiving responsibilities. But they remain optimistic in the face of all these obstacles. Unifying our resources and supporting the fastest-growing segment of the U.S. economy is now more important than ever,” said Jen Earle, CEO of the National Association of Women Business Owners (NAWBO).
The Small Business Roundtable (SBR) is a coalition of leading small business and entrepreneurship organizations, dedicated to advancing policy, securing access, and promoting inclusion to benefit the businesses at the heart of the American economy.