MetLife & U.S. Chamber COVID-19 Special Report: Impact on Small Business Outlook
Small businesses are rightly called the heartbeat of the American economy. Since 2017, we have collaborated with the U.S. Chamber of Commerce to take a quarterly pulse of how small business owners feel about their business and economic opportunities.
We recently released a Special Report on Coronavirus and Small Business so you can stay informed of insights into the depth of the disruption and economic effects of the pandemic. These insights include the following findings:
- 54% of U.S. small businesses have either closed or expect to closewithin the next two weeks.
- 43% of U.S. small businesses believe they have less than six months before a permanent shutdown is unavoidable.
- 50% of U.S. small businesses believe it will take the U.S. economy six months to a year to return to normal.
- Small businesses indicated the following as the top three most impactful relief efforts:
- direct cash payments from government (56%)
- loans and financial aid (30%)
- suspending payroll taxes (21%)
To assist in navigating the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the U.S. Chamber of Commerce offers a guide and checklist to help your small business clients through the process. In addition, over the last few weeks, we have shared with you the resources MetLife has made available for your small business customers, including:
- Rate stability¹ to assure the sustainability of our small business customer benefit programs.
- New Financial Wellness hub to address the wellness needs of employees.
- Complimentary 90-day access to MetLife’s PlanSmart® Financial Wellness planner phone line for COVID-19 related financial questions.²
- COVID-19 hotline available through September 30, 2020 provided by LifeWorks.³
Given MetLife’s role as a thought leader on issues facing U.S. small businesses, we hope the Special Report on Coronavirus and Small Businesses will help inform U.S. policymakers as they continue to work on the response to the crisis.