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National survey shows most Maryland small businesses open and vaccinated but running out of money

Small business
Posted at 9:31 AM, Apr 22, 2021
and last updated 2021-04-22 09:31:00-04

NEW YORK — A Goldman Sachs national survey found 77 percent of Maryland's small business owners expect to exhaust their second round of PPP funding by the end of June.

Only 28 percent in the state expect to be able to maintain payroll without additional relief, according to the survey.

When Goldman Sachs began surveying American small business owners a year ago, only 39 percent said they were open for business.

Today, 84 percent nationwide report they are fully open for business with another 15 percent partially open.

Nationally, small business owners are now 89 percent confident of their business surviving compared to 68 percent this time last year.

In Maryland that number confidence rate is one percentage point higher.

More positive news is that 83 percent of small business owners surveyed in Maryland have had the opportunity to get vaccinated with 70 percent actually getting one.

The study found that 55 percent of small businesses throughout the country expect their business model to permanently change, along with 53 percent believing their employees will continue more work from home.

The data was collected from a survey of 2,140 participants, that was conducted by Babson College and David Binder Research from April 5-9, 2021.

It included small business owners from 49 U.S. states and four U.S. territories, 55 percent of whom were women.