Massachusetts Small Business Owner Said they are still struggling financially more than two years after the COVID-19 pandemic began, despite many receiving federal relief.
Push News: More than half (53%) of small business owners say in a new poll they are bringing in less income now than they did before the pandemic.
- Yes, but: According to a survey of 3,243 business owners in Massachusetts by the MassINC Polling Group, a larger percentage of non-white business owners said increased funding and inflation-related costs were major concerns.
- Non-white business owners are also facing difficulties accessing COVID-19 relief funds. The findings suggest that Black and Latino business owners are more likely to have no COVID-19 funding, or receive less funding, than white and Asian business owners.
Why it matters: Small business owners are also grappling with a host of new concerns in 2022, including supply chain disruptions, hiring challenges and inflation-related growth.
MPG surveys business owners Fewer than 500 employees, and the vast majority reported having fewer than 100 employees. More than half of the respondents were white.
- 60% of respondents said funding was the main issue.
- When broken down by race, fewer whites (55%) see funding as a major issue than Latinos (88%), blacks (85%) and Asians (77%).
By numbers: 74% of small business owners say rising costs due to inflation is a major concern. Another 20% thought it was a minor issue and 5% said it wasn’t a problem.
- 61% said wages not keeping up with inflation were the main issue, while 26% said it was a secondary issue and 11% said it wasn’t.
Between the lines: Compared with nonwhite business owners, white owners and owners of large corporations are more likely to say they plan to sell their businesses or that senior leaders plan to retire within the next five years.
What are they talking about: Steve Koczela, president of the MassINC Polling Group, said the poll showed that non-white business owners are facing significant obstacles, but “the future of the small business community may be more diverse than it is today.”