Surveys

How Small Businesses Are Faring, By the Numbers

SurveysJun 29, 2020

How Small Businesses Are Faring, By the Numbers

A survey by the National Federation of Independent Business took a look at COVID-19 business disruptions, PPP and EIDL loans, and more.

20200629_Open_Sign.jpg
More than one-fourth of respondents saw a significant or moderate increase in sales as coronavirus-related restrictions eased, according to a June survey by the National Federation of Independent Business.

Nashville, Tenn.—Small businesses have been hit especially hard by the COVID-19 pandemic, struggling in the face of mandated store closures and sinking sales.

A survey published earlier this month by the National Federation of Independent Business (NFIB) took an in-depth look at how small businesses are faring as we approach month five of coronavirus-related shutdowns in the United States.

NFIB took a random sample of its membership database of about 300,000 small business owners.

It conducted the survey by email in mid-June and received 631 usable responses, meaning surveys in which most questions were answered.

Respondents in the retail and restaurant industry made up 19 percent of the surveyed group, which also included those in manufacturing, wholesale, agriculture, services, and more.

The pandemic has disrupted retailers big and small, forcing them to change the way they operate, from practicing social distancing to implementing strict cleaning procedures.

More than half of survey-takers said changes to their operations were “significant” (23 percent) or “moderate” (32 percent), while 30 percent saw slight changes and 16 percent said operations have not changed.

However, things are looking up as stores gradually begin to reopen.

About 40 percent of respondents said their current sales volume is 75 percent or more of pre-pandemic levels, a jump from 28 percent in May.

Eased restrictions and store reopenings have led to stronger sales for some small business owners, but not across the board.

While 27 percent saw a significant or moderate increase in sales and another 27 percent saw a slight increase, sales levels didn’t budge for 42 percent of small business owners.

The boost from reopenings may be short-lived in places like Texas, where plans to get back to business have been put on hold amid a jump in coronavirus cases.

The financial toll of the virus led many small businesses in need of funds to apply for a Paycheck Protection Program loan, but the program’s rocky rollout caused a slew of problems for business owners and banks alike.

Some of the complaints were addressed with the passage of the Paycheck Protection Program Flexibility Act.

The number of small businesses applying for a PPP loan was up slightly month-over-month, 81 percent in June compared with 77 percent as of May 29.

With the June 30 application deadline looming, only 3 percent of respondents said they would be applying before then.

When applying for the first round of PPP loans, those who had existing relationships with banking institutions were

said to be prioritized. (In a Jewelers of America-led webinar in April, Dentons partner Randy Nuckolls noted it may speed up the process if retailers apply via their regular banks.)

Most of the loan applicants surveyed, 85 percent, went through their usual bank.

Nearly all applicants surveyed in June, 97 percent, received their PPP loan. Only 3 percent of borrowers have spent the money and applied for loan forgiveness.

The recent update to the program gave borrowers more time to distribute the funds. Instead of the initial eight weeks, recipients now have 24 weeks or until Dec. 31, whichever is earlier, to allocate the money.

Of the PPP loan borrowers in the NFIB’s June survey, 59 percent said they will take the extra time while 41 percent will spend the money within the eight-week time frame.

The PPP update also allows more of the money to be used for non-payroll expenses and added two new exemptions related to full-time employees and loan forgiveness.

The changes were considered “very helpful” for maximizing loan forgiveness by 40 percent of borrowers while 19 percent found them to be “moderately helpful.”

Seventeen percent said they were “somewhat helpful” while 6 percent described them as “not helpful.”

Though the PPP was set up so employers could retain their employees, that may not be possible for every loan recipient.

Of the borrowers surveyed, 14 percent expect to lay off at least some employees even after using the loans.

Half of that segment expects to lay off one or two employees while 12 percent expect to lay off 10 or more employees.

In addition to PPP, small business owners may have been eligible for The Economic Injury Disaster Loan (EIDL) program run by the U.S. Small Business Administration.

Thirty-five percent of respondents applied for an EIDL loan with most still waiting for the loan to be processed, according to the survey.

A total of 38 percent of respondents said they’ve already received their loans.

The EIDL emergency grant was also available, which allows a business that has applied for a disaster loan to get an immediate advance of up to $10,000, which can be used for payroll purposes.

Of those who requested a grant, 72 percent said they’ve received it.

Of the respondents who applied for a PPL loan, an EIDL loan, or both, 47 percent expect to need additional financial support over the next 12 months.

More than half that segment, 56 percent, expect to need less than $50,000 to keep things afloat, but 27 percent expect to need more than $100,000.

As for taxes, a new deferment allows businesses to defer the deposit and payment of the employers’ share of Social Security taxes until Dec. 31.

Around 41 percent of respondents were familiar with the new provision, with 6 percent already deferring.

Almost two-thirds of respondents said they didn’t plan to defer tax payments, while 5 percent said they do plan to do so 31 percent said they might.

Top economists are expecting the U.S. economic recovery to be slow and have said small businesses are especially in danger of financial distress.

At his semiannual monetary policy report before Congress earlier this month, Federal Reserve Chairman Jerome Powell said there was “significant uncertainty” surrounding the pace of economic recovery.

“If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” he said. “These businesses are the heart of our economy and often embody the work of generations.”
Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

16th century flower cluster hogback diamond ring
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in London

Found by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.

Chouette Designs Margaux Ring
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of Love

Our Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.

CBG logo
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix Show

The group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.

PG-05-SHOT-2-LUCIDA.033 1.png
Brought to you by
All Eyes on Gold Prices. Alternatives to Look For. And What to BEWARE of in Vegas

As gold prices rise, today’s retailers are looking for alternatives at prices that will appeal to wider audiences.

A selection of animal jewelry
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas

From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.

Weekly QuizJun 11, 2026
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Grandview Klein diamonds
SourcingJun 11, 2026
Grandview Klein, London Jewelers Partner To Cut 63-Carat Rough

The big stone will be fashioned into a 20.26-carat diamond in celebration of the retailer’s 100th anniversary this year.

Marie-Laure Cérède
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation Studio

Marie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.

1872x1052-NextGem-2026-National-Jeweler-Advertorial.jpg
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry Retailers

With the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.

Smiling Rocks booth at JCK Las Vegas 2026
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas

At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.

Ilana McCabe
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good Board

Ilana McCabe is Signet’s vice president of public relations and brand communications.

Azure blue diamond and 5.04-carat fancy vivid blue diamond
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’s

It was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.

Saks Fifth Avenue New York City storefront
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for Reorganization

The approval means the retailer is on track to exit bankruptcy proceedings this summer.

Jalen Javon Davis and Leslie La Vun Jones II
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store Robbery

The men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.

Sylvie Levine wearing engagement ring
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s Ring

The bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.

De Beers Group CEO Al Cook
EditorsJun 09, 2026
Q&A: Al Cook on the Lab-Grown ‘Bubble,’ Dwindling Diamond Supply

The De Beers Group CEO also discussed tariffs, Desert Diamonds, and the pending sale of De Beers in an interview with Michelle Graff.

Russ Whitehouse
MajorsJun 09, 2026
Wilkerson's Russ Whitehouse Retires

The industry veteran is bringing his 56-year run in the fine jewelry sector to an end.

Pride in the Industry LGBTQ+ Voices in Jewelry panel
Events & AwardsJun 09, 2026
Pride Month Panel to Highlight LGBTQ+ Jewelry Voices

The panel discussion will feature LGBTQ+ leaders across the jewelry, luxury, and creative industries.

Marie Lichtenberg Smash Collection Campaign Imagery
CollectionsJun 09, 2026
Marie Lichtenberg’s New Capsule Collection Is a Smash, Literally

Inspired by a locket that got run over, the “Smash” capsule collection reimagines the shape of Lichtenberg’s signature style.

Katherine Whitacre
MajorsJun 09, 2026
Frederick Goldman Names Director of Sales for Southeast

The company has promoted Katherine Whitacre to the role.

Collage of new Stuller items
MajorsJun 08, 2026
Stuller Expands Selection of Lab-Grown Diamonds, Demi-Fine Jewelry

The jewelry manufacturer has added Taylor Swift-esque diamond shapes, and more silver, gold vermeil, and gold-plated jewelry.

De Beers Group’s Sally Morrison
SourcingJun 08, 2026
Sally Morrison to Depart De Beers This Summer

Morrison has been marketing diamonds on and off since the early 2000s and said she is leaving to “pursue new projects.”

Lauren K Gemma pendant
TrendsJun 08, 2026
Amanda’s Style File: June’s Birthstone Trio

Those born in June can celebrate with pearl, alexandrite, and moonstone jewelry.

Overnight Mountings Ring Builder Platform
TechnologyJun 08, 2026
Overnight Mountings Launches Ring Builder Platform

The platform allows retailers to guide clients through a customizable engagement ring buying experience in a branded interface.

Dunkelberger’s Fine Jewelry
IndependentsJun 05, 2026
Pennsylvania Jewelry Store To Close After 79 Years

Jim Springer, owner of Dunkelberger’s Fine Jewelry, is heading into retirement.

Rebel Jewelry Tunnel Charm
CollectionsJun 05, 2026
Rebel Jewelry’s Charm Symbolizes Perseverance for Pride Month

The “Tunnel” charm, our Piece of the Week, celebrates Pride Month with its design inspired by hope and the light at the end of the tunnel.

Three gold rings set with yellow- and brown-hued diamonds
SourcingJun 05, 2026
State of Diamonds: The Way Forward for Natural Diamonds

The jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.

A Marvelous Journey: The Collection of Maurice Tempelsman
AuctionsJun 04, 2026
Treasures from Maurice Tempelsman’s ‘Marvelous’ Life Head to Auction

Up for auction at Sotheby’s, the collection of Tempelsman’s personal effects includes a Cartier Tank watch Jackie O. gifted him.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy