Embattled small business owners across the US would support additional federal emergency assistance as they contend with the Omicron variant and other pandemic-related challenges, according to a new survey released Monday. Of the more than 1,400 small business owners surveyed, 71 percent of respondents said they suffered a drop in expected revenue, while 79 percent said they were concerned about the Omicron variant’s ongoing impact, according to the Goldman Sachs poll. The vast majority of those surveyed – 82 percent – said they would support ongoing federal relief to help small businesses as new COVID-19 variants emerge. The survey found 37 percent said they were forced to temporarily close or scale back operations due to the recent surge in COVID-19 infections. The Omicron variant has added to the challenge faced by small business owners already battling a nationwide labor shortage and supply chain disruptions. Nearly 9 million American workers called out sick because of COVID-19 in the first weeks of 2022, according to the Census Bureau. Half of the small business owners identified hiring difficulties as the biggest challenge facing their companies, while 19 percent pointed to supply chain issues and 18 percent said inflation. More than three-fourths — 76 percent — said inflation has negatively impacted their business over the last six months. Inflation jumped 7 percent in December, hitting a four-decade high as Americans pay higher prices for everyday goods such as groceries and gas. Most small business owners say the Biden administration hasn’t done enough to address the economic trends weighing on American companies. About two-thirds of respondents said the federal government has fallen short while addressing the labor crisis, supply chain woes and inflation. More than 45 percent of small businesses owners said the US economy is moving in the wrong direction. The results were based on responses from 1,466 small businesses owners based in 47 states and two US territories. The survey was conducted by Babson College and David Binder Research from Jan. 10 through Jan. 13.
