Small-Business Owners Highly Engaged in 2020 Election
Sixty percent of small business owners state that they are highly engaged with the 2020 presidential election campaign.
While 60% of them approve of Donald Trump’s presidency and over 50% feel that their business would be better off if he was re-elected.
However, these numbers are based on a survey made in January. The online survey represented business owners who had annual revenue between $50,000 to 25 million dollars.
Nevertheless, these findings were discovered way before the covid outbreak. So, the question is: What is the current opinion of small business owners.
During this election year, the business owner’s primary issue revolves around taxes. There is a list of six public policy taxes or issues that would need special attention. When asked which party would do a better job at handling these six issues; business owners said that they would more likely bring favor to the Republican party for taxes, tariffs, and immigration. However, for the Democratic party, they were more engaged with climate change and healthcare.
So, What Kind of Help Can the Election Bring to Business Owners?
This would depend on who wins the election. The Republican party and the Democratic party have two different opinions on how to repair the economy.
During the debates, Trump’s vision was centered around reopening the country as quickly as possible so that small business owners can still survive and thrive during the epidemic. Even though this may be true, we have discovered even after the election that the vaccine is still questionable.
It is a scary time for small business owners and the general public as a whole. Yelp estimates that 60% of the businesses that have closed their doors, will never reopen again. This is disturbing to the economy.
It is obvious, that the election brings optimism and hope towards our current conditions.
What Does a Small Business Need to Survive Right Now?
A lot of business owners are facing a massive decline in their bottom line. The virus is not only affecting people’s health but also affecting their wealth. One business stated that it has lost 95% of its revenue this year. That is a massive loss, especially if you are unable to accommodate your workers.
Some owners can depend on their savings for relief, but others are headed for misfortune.
With the right financial support and guidelines to keep these businesses open, we can avoid an economic shutdown. However, this will depend on the government stepping in and properly assisting with their development.