Kabbage, an American Express Company that provides payment solutions for businesses, today released the second installment of its Small Business Recovery Report tracking U.S. small business recovery and growth through 2022.
Polling more than 550 small business leaders, the report illustrates how small businesses are closer to reaching pre-pandemic levels of operation.
The survey includes businesses with fewer than 20 employees (53% of respondents), medium-sized small businesses with 21 to 100 employees (29%) and the largest businesses with 101 to 500 employees (18%). The results show a spike of businesses reporting they’re fully open, and a higher increase of in-person sales as vaccination availability expands.
The survey found that 85% of small businesses reported they were fully open for business in March 2021, an impressive 51% increase since the first Small Business Recovery Report, which covered February 2021. Of those 85% who say they are fully open:
• 32% have a physical location that is now back to full operations;
• 16% have an online store as well as a physical location that is fully open;
• 15% shifted their company online due to the crisis and are open as a result. See the report.