- Share of small businesses that has fully reopened jumps sharply in Kabbage report
- Small businesses also report a stronger share of in-person transactions
- Majority of small business owners say COVID-19 vaccination efforts are vital to economic recovery
Summary by Dirk Langeveld
Small businesses are reopening at a faster clip as COVID-19 vaccination efforts proceed and states relax their business restrictions, according to the latest Small Business Recovery Report by the American Express company Kabbage. These reports, based on responses from 550 small business leaders, will be issued through 2022 as Kabbage tracks small business pandemic recovery and growth.
Eighty-five percent of respondents said their business has fully reopened, up from 57 percent in a February survey. The report also noted a strong boost in in-person transactions, although this was more pronounced among larger companies than the smallest businesses.
Other findings included:
- 22 percent of respondents said their company has always been digital, so there was never a physical location that was impacted by the pandemic
- 16 percent have reopened a physical location as well as an online store, while 15 percent transitioned to an online-only business
- 70 percent agree that making COVID-19 vaccinations available to all adults is essential to economic recovery, and 41 percent have received a vaccine
- 64 percent are paying their workers full wages without financial concerns
- 51 percent say customer demand and new inbound business has returned to pre-pandemic levels
