Coronavirus: Study finds pandemic devastating small businesses

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'There's more interest and more inquiries than there is dollars.'

WHEELING, W.Va. (WTRF) — Small businesses are suffering in a big way due to COVID-19, according to a recent survey from the National Federation of Independent Business.

The NFIB says small businesses are ‘very adversely affected’ and nationally, there’s more inquiries for loans than there are dollars.

Out of the 300,000 small businesses polled, 80 percent reported slower sales, and 72 percent are ‘very concerned.’

Locally, you’re seeing small businesses like restaurants do take out, and small contractors providing curbside service. But most striking? The survey found 26 percent of small businesses report delaying payments.

Loan application can be cumbersome, so during this crisis, NFIB officials are working to help owners fill out applications for small business loans.

There’s over 2,000 small businesses in West Virginia that meet the NFIB standards, and our members are struggling to keep their doors open.

Unfortunately, with the legislation passed federally, it does not go far enough to address those independent contractors or sole proprietors. We’re hoping when the next stimulus package is addressed to the federal level, there’ll be some additional modifications to address some
of those needs here.

Gil White, West Virginia State Director of NFIB

And when Congress looks at loans again, the director hopes they will consider putting additional dollars in these small business funds.

For the full findings of the survey, click here.

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