One in four U.S. small business owners say they will have to close their doors if economic conditions don’t improve, according to the latest survey by the National Federation of Independent Business. 

In its 14th survey since early March, the NFIB Research Center also found that another 22% of owners anticipate being able to hold on for no longer than seven to 12 more months under current economic conditions. Nearly half of respondents said their sales are still below pre-pandemic levels. 

“The following few months will be the hardest months on our small business owners, who have been doing everything in their power to keep their employees and customers safe from this unprecedented pandemic,” said Matt Everson, NFIB state director in Iowa. “Our latest survey has found that one-in-four, rather than one-in-five small business owners now believe they will have to close shop if the economy doesn’t soon improve. If Congress fails to pass another round of relief soon, our small business owners here in Iowa will suffer.”

Sales levels are still 50% or less of what they were pre-crisis for 1 in 5 (20%) small businesses with another 29% at sales levels of 51% to 75% of pre-crisis. However, more than one-third (36%) said their sales are back, or nearly back, to pre-crisis levels at between 76% and 100%, with another 14% exceeding pre-crisis sales levels.

Other key findings from the national survey include:

– The majority of Paycheck Protection Program borrowers (91%) have spent their entire PPP loan.

– If eligible, 45% of small business owners would apply or reapply for a second PPP loan and 33% would consider applying.

– Thirty-six percent of PPP borrowers are not yet ready to submit their forgiveness application and 20% are ready but their bank is not yet accepting them.

The survey found that nearly half of small business owners who have submitted PPP loan forgiveness applications have received final confirmation from the SBA and more than three-fourths of them had 100% of their loan forgiven.

As more of the general population is eligible to get the COVID-19 vaccine, 36% of small business employers said they will encourage their workers to get vaccinated. Over half of small business owners — 56% — said they plan to get the vaccination themselves when it’s available. 

The full survey results can be found at this link.