Chamber of Commerce survey shows bleak outlook for small businesses
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.