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2020 Small Business Owner Report

Bank of America Research Finds Small Business Owners Remained Resilient During a Challenging Year. Despite a Cautious Near-Term Outlook, Entrepreneurs Anticipate a Strong Environment Post-Pandemic.

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According to the new Bank of America 2020 Small Business Owner Report, U.S. small business owners have remained resilient and flexible this year as they navigated an evolving business landscape brought on by the health crisis.

The research, based on a survey of more than 1,000 business owners, found that entrepreneurs anticipate a strong post-pandemic environment that will support small businesses. On the road to recovery, they say stronger consumer confidence and increased spending (79%), restored confidence in public health (78%), debt forgiveness (66%) and government relief programs (66%) will be most beneficial. Once the U.S. recovers from the pandemic, many entrepreneurs believe:

    • Small businesses will return to being “the backbone of the U.S. economy” (79%).
    • Consumers will have a greater appreciation for small businesses (69%).
    • Entrepreneurs will be better prepared to handle potential reemergence of the coronavirus (59%).
    • The effects of coronavirus will impact their bottom line for two years or less (59%).