SAN FRANCISCO—The majority of San Francisco Bay Area small business owners believe they will not begin to recover from the financial damage of the COVID-19 pandemic until the end of the year, according to a survey by The Lending Tree, an online lender as of Monday, July 27. Around 14.6 percent of small business owners are uncertain about recovering as a result of the pandemic.
The survey analyzed results from the Census Bureau’s Small Business Pulse Survey and calculated the percentage of small business owners in the 50 largest metro areas who reported; saying that they thought their business would not return to normal compared with the previous year. The most recent survey was conducted from June 20 to June 27. Information was used dating back to the initial April 26 thru May 2 version to provide weekly comparisons, CBS SF Bay Area reported.
The San Jose area placed third in the nation behind Austin and San Antonio. The survey found that 14.8 percent of small business owners in the Silicon Valley are saying that business will not return to the same levels as last year. Sixty-eight percent feel business is not expected to return to normal over the next four months.
San Jose has only 4.6 percent of small business owners indicating that there has been no or little effect on their usual level of business, which is the lowest rate in the 50 largest metro areas.