Chamber of Commerce survey shows bleak outlook for small businesses

August 24, 2020 Jaime DeJesus
Chamber of Commerce survey shows bleak outlook for small businesses
Share this:

A survey conducted by the Brooklyn Chamber of Commerce highlights the hard times small businesses are facing due to the COVID-19 pandemic.

According to the survey of 234 Brooklyn small businesses, half reported 50 percent or greater losses in revenue this summer (usually one of their most profitable seasons). In addition, 25 percent reported losses between 26 and 50 percent and 11 percent reported losses between 15 and 25 percent.

Rent is also a major issue. Twenty-eight percent of businesses could not pay rent in August, while 39 percent owe back rent from previous months and 53 percent said they would struggle to stay open during the next three months.

Subscribe to our newsletters

When asked what they consider “very important,” 83 percent said cash grants, 69 percent said rent relief, 53 percent said low-interest loans and 45 percent said personal protective equipment (PPE).

Many of the owners are worried they won’t be able to stay open through the fall.

“Brooklyn’s business community is extremely resilient,” said Randy Peers, Brooklyn Chamber of Commerce president and CEO. “The small businesses that make up our neighborhoods and sustain our communities are facing unprecedented economic challenges, requiring immediate support, grants and urgent rent relief if they are going to survive.”

The chamber says it has transformed itself into a recovery hub for small businesses in need, providing PPE grants to help businesses sanitize their facilities, distributing donated PPE, and awarding zero-interest loans through the Bring Back Brooklyn Fund.

Leave a Comment

Leave a Comment