During a recent morning commute, I listened to an informative interview with former Michigan Lt. Governor, Brian Calley, who is now the president of the Small Business Association of Michigan (SBAM). During the interview, Mr. Calley summarized a recent survey of more than 600 SBAM members. The survey, which was posted to the SBAM website on June 23, 2021, focused on the experience of SBAM members during the pandemic and on their optimism for the future.
According to the survey, 78% of respondents reported that the pandemic had a negative impact on their businesses in 2020, with 63% saying that that negative impact continues today. According to 47% of respondents, the difficulty in finding and keeping employees is the biggest problem they currently face. Mr. Calley elaborated on this by explaining that between state and federal unemployment benefits, people receiving unemployment are being paid at the equivalent rate of $16.55 per hour.
Despite these and other pandemic-related challenges still facing employers, the survey encouragingly reports that 72% of respondents believe their businesses will survive.
Visit the Small Business Association of Michigan website to learn more about the organization and to read up on other small business updates.