Operating Costs Rise As Small Businesses Struggle To Find Qualified Applicants

A new Goldman Sachs survey has found that while 71 percent of small businesses across America are hiring, 81 percent of those businesses report difficulty recruiting qualified candidates as operating costs continue to rise. The report also highlights long-term access to capital and inflation as pressing concerns for businesses.

Other key insights from the June survey:

• While many small business owners (44 percent) are still struggling financially due to the impact of Covid-19, the majority of those surveyed (67 percent) now believe that the United States is moving in the right direction.

• Small business owners generally support President Biden’s infrastructure proposal, with 61 percent in support of the American Jobs Plan and 60 percent in support of the American Families Plan, but less than 50 percent believe it will help their business.

• 82 percent of small business owners who received a second PPP loan expect to exhaust their PPP loan funding by the end of July and only 24 percent are very confident they will be able to maintain payroll if no further government relief is provided. Almost all small business owners (93 percent) support Congress re-evaluating the SBA loan terms so that hard-hit small businesses can access capital.

• Finally, small business owners overwhelmingly support (88 percent) increasing opportunities for small businesses through the federal procurement process. Almost all respondents (93 percent) call on state and local governments to prioritize contracts for small businesses as part of the proposed package.

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