Facebook Report: A Third Of Small Businesses Won't Reopen

SMS
Facebook Report: A Third Of Small Businesses Won't Reopen
State of Small Business Report finds nearly half of business owners and managers are feeling "burned out."
SHOW TRANSCRIPT

What's life like for small-business owners these days during the pandemic? Very tough, according to a new report from Facebook.

Facebook survey of 86,000 owners, workers and managers of small- and medium-sized businesses finds that a third of them won't reopen after the pandemic eases.

More than half the owners say they won't be able to rehire employees they laid off, especially in hospitality services.

Business owners who have already closed say they were unable to keep up with rent and other costs. Others are surviving by shifting work and sales online. Nearly half say they are "burned out."

Facebook says its State of Small Business Report survey was planned before the virus hit and they had hoped for a more positive picture. Still, it should be noted that 57% of owners of small and medium-sized businesses remain optimistic or extremely optimistic about the future.

Facebook executive Sheryl Sandberg says, "Small businesses are the heartbeat of our communities – and they are facing the challenge of a lifetime."