The recent surge in omicron cases had great impacts on small business, relating to revenue and staffing, according to a new survey.
According to a report released this week by the Goldman Sachs 10,000 Small Business Voices, 71% reported the recent rise in COVID-19 had adversely impacted their revenue.
Another 37% said their business had been forced to temporarily close or scale back operations due to omicron surge.
Labor shortages continue to be cited as the most significant challenge facing small business owners, with 87% of those hiring finding it difficult to recruit qualified candidates for open positions.
Hiring and retaining workers is also having a worsening impact on revenue, as a staggering 97% of small businesses hiring say labor shortages are impacting their bottom line, reflecting a 17% increase from September 2021.
There is overwhelming support (82%) for the federal government to provide additional emergency financial assistance for small businesses. Eighty-six percent of small business owners support Congress reauthorizing the COVID-Economic Injury Disaster Loan (EIDL) program. The COVID EIDL program expired at the end of 2021.
To see the full report, click here.