NEW YORK—The majority of small business owners have been struggling since the COVID-19 pandemic hit the U.S. in early 2020.
Main Street America’s “The Impact of Covid-19 on Small Businesses” survey showed that 86% of small business revenue decreased by more than 75%.
The U.S. Chamber of Commerce Small Business Coronavirus Impact Poll further found that nearly eight in 10 owners are concerned about the pandemic’s impact on their business.
“Without their normal revenue stream, some small business owners have turned to credit cards to get by. There are advantages to this method, but it has to be done carefully,” Bankrate said.