Surveys

How Small Businesses Are Faring, By the Numbers

SurveysJun 29, 2020

How Small Businesses Are Faring, By the Numbers

A survey by the National Federation of Independent Business took a look at COVID-19 business disruptions, PPP and EIDL loans, and more.

20200629_Open_Sign.jpg
More than one-fourth of respondents saw a significant or moderate increase in sales as coronavirus-related restrictions eased, according to a June survey by the National Federation of Independent Business.

Nashville, Tenn.—Small businesses have been hit especially hard by the COVID-19 pandemic, struggling in the face of mandated store closures and sinking sales.

A survey published earlier this month by the National Federation of Independent Business (NFIB) took an in-depth look at how small businesses are faring as we approach month five of coronavirus-related shutdowns in the United States.

NFIB took a random sample of its membership database of about 300,000 small business owners.

It conducted the survey by email in mid-June and received 631 usable responses, meaning surveys in which most questions were answered.

Respondents in the retail and restaurant industry made up 19 percent of the surveyed group, which also included those in manufacturing, wholesale, agriculture, services, and more.

The pandemic has disrupted retailers big and small, forcing them to change the way they operate, from practicing social distancing to implementing strict cleaning procedures.

More than half of survey-takers said changes to their operations were “significant” (23 percent) or “moderate” (32 percent), while 30 percent saw slight changes and 16 percent said operations have not changed.

However, things are looking up as stores gradually begin to reopen.

About 40 percent of respondents said their current sales volume is 75 percent or more of pre-pandemic levels, a jump from 28 percent in May.

Eased restrictions and store reopenings have led to stronger sales for some small business owners, but not across the board.

While 27 percent saw a significant or moderate increase in sales and another 27 percent saw a slight increase, sales levels didn’t budge for 42 percent of small business owners.

The boost from reopenings may be short-lived in places like Texas, where plans to get back to business have been put on hold amid a jump in coronavirus cases.

The financial toll of the virus led many small businesses in need of funds to apply for a Paycheck Protection Program loan, but the program’s rocky rollout caused a slew of problems for business owners and banks alike.

Some of the complaints were addressed with the passage of the Paycheck Protection Program Flexibility Act.

The number of small businesses applying for a PPP loan was up slightly month-over-month, 81 percent in June compared with 77 percent as of May 29.

With the June 30 application deadline looming, only 3 percent of respondents said they would be applying before then.

When applying for the first round of PPP loans, those who had existing relationships with banking institutions were

said to be prioritized. (In a Jewelers of America-led webinar in April, Dentons partner Randy Nuckolls noted it may speed up the process if retailers apply via their regular banks.)

Most of the loan applicants surveyed, 85 percent, went through their usual bank.

Nearly all applicants surveyed in June, 97 percent, received their PPP loan. Only 3 percent of borrowers have spent the money and applied for loan forgiveness.

The recent update to the program gave borrowers more time to distribute the funds. Instead of the initial eight weeks, recipients now have 24 weeks or until Dec. 31, whichever is earlier, to allocate the money.

Of the PPP loan borrowers in the NFIB’s June survey, 59 percent said they will take the extra time while 41 percent will spend the money within the eight-week time frame.

The PPP update also allows more of the money to be used for non-payroll expenses and added two new exemptions related to full-time employees and loan forgiveness.

The changes were considered “very helpful” for maximizing loan forgiveness by 40 percent of borrowers while 19 percent found them to be “moderately helpful.”

Seventeen percent said they were “somewhat helpful” while 6 percent described them as “not helpful.”

Though the PPP was set up so employers could retain their employees, that may not be possible for every loan recipient.

Of the borrowers surveyed, 14 percent expect to lay off at least some employees even after using the loans.

Half of that segment expects to lay off one or two employees while 12 percent expect to lay off 10 or more employees.

In addition to PPP, small business owners may have been eligible for The Economic Injury Disaster Loan (EIDL) program run by the U.S. Small Business Administration.

Thirty-five percent of respondents applied for an EIDL loan with most still waiting for the loan to be processed, according to the survey.

A total of 38 percent of respondents said they’ve already received their loans.

The EIDL emergency grant was also available, which allows a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.

Of those who requested a grant, 72 percent said they’ve received it.

Of the respondents who applied for a PPL loan, an EIDL loan, or both, 47 percent expect to need additional financial support over the next 12 months.

More than half that segment, 56 percent, expect to need less than $50,000 to keep things afloat, but 27 percent expect to need more than $100,000.

As for taxes, a new deferment allows businesses to defer the deposit and payment of the employers’ share of Social Security taxes until Dec. 31.

Around 41 percent of respondents were familiar with the new provision, with 6 percent already deferring.

Almost two-thirds of respondents said they didn’t plan to defer tax payments, while 5 percent said they do plan to do so 31 percent said they might.

Top economists are expecting the U.S. economic recovery to be slow and have said small businesses are especially in danger of financial distress.

At his semiannual monetary policy report before Congress earlier this month, Federal Reserve Chairman Jerome Powell said there was “significant uncertainty” surrounding the pace of economic recovery.

“If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” he said. “These businesses are the heart of our economy and often embody the work of generations.”
Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Heavenly Vices Mother Father Spinner Necklace
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’

This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.

Interpol Stolen Works of Art Database, The Louvre Museum Graphic
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing

The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.

My Next Question webinar graphic
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your Business

Experts share top tips on how to encourage positive reviews and handle negative feedback.

Supplier Spotlight -Recorded-Webinar.png
Brought to you by
Watch: Introducing GIA Jewelry Services

Supplier Spotlight Sponsored by GIA

GIA iD100® Technology
Supplier BulletinOct 30, 2025
Protect Your Customers and Your Business

Sponsored by the Gemological Institute of America

Weekly QuizOct 30, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Seattle PD image of Menashe & Sons Jewelers following Aug. 14 smash-and-grab robbery
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs

The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.

Alison Lou Lumière Fine Collection On-Model
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and Resin

The “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.

DEBEERS_DAY4_DSC_1023-01_1872x1052.jpg
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond Jewelry

From sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.

Buddha Mama gold skull pave huggies
TrendsOct 30, 2025
Amanda’s Style File: A Haunted Halloween

Show off your spooky side with these 12 festive jewels.

Is This Love That I’m Feeling event imagery
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History Museum

The “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.

Stock image of person holding shopping bags
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence

Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.

Couture show
Events & AwardsOct 29, 2025
Couture Partners With Time to Watches

The company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.

The Modern Guide to Vintage Jewelry by Beth Bernstein
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide

“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.

Collage of bug jewelry
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful Jewelry

For her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.

Gem Awards 2025 at Cipriani New York
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award Nominees

Notable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.

Graphic for Jewelers of America’s 2025 State of the Industry webinar
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry

Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.

Eriness One of One Collection Rings and Necklace
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ Collection

After experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.

Napoleon’s diamond brooch and a pearl and diamond hair ornament
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For Auction

It is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.

Marie Louise’s emerald necklace and earrings stolen in the heist at the Louvre Museum
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist

One of the individuals was apprehended at the airport as he was trying to flee the country.

Holiday shoppers in Target
MajorsOct 27, 2025
Target to Cut 1,800 Corporate Jobs

The retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.

Hill Management Group
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry Show

Hill Management Group will oversee, market, and produce next year’s spring show.

Bonhams New Bond Street London flagship
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives Replaced

London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

De Beers Diamond View Zoom machine with monitor
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument Demo

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

Two brooches stolen in the October 2025 heist at the Louvre Museum in Paris
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

Wyld Box Jewelry Ray of Light Large Drop Earrings
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ Earrings

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

Tiffany & Co. Bird on a Rock pendant
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, Kering

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

Cullinan Diamond Mine plant
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital

The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy