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Conan Knoll
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Survey: Small Businesses Say Corporations Driving Inflation That is Hurting Main Street

A new national survey shows small business owners are concerned about a number of economic issues stemming from Covid-19 and think large corporations have been taking advantage of inflation to raise prices and increase profits 

Washington, D.C., March 21, 2022— A new national survey from Small Business for America’s Future shows small business owners are concerned about the economic challenges spurred by the Covid-19 pandemic such as inflation, labor shortages and access to affordable capital. Additionally, entrepreneurs surveyed believe that large corporations have been taking advantage of inflation to raise their prices on customers unnecessarily and increase profits and that this hurts small businesses. 

Furthermore, the survey of 1,576 small business owners, conducted between March 2 - 6, shows small business owners say they support policies that address their operating expenses and increase the labor pool.

Specifically, the survey results show:

• 63% of small business owners surveyed said they think large corporations have been taking advantage of inflation to raise their prices on customers unnecessarily and increase profits
• 97% of small business owners who think large corporations have been taking advantage of inflation to raise prices say that doing so hurts small business 
• Small businesses surveyed pointed to a number of economic issues stemming from the Covid-19 pandemic as the top challenges they are facing, including: 
• 60% said inflation is their top challenge
• 55% said access to affordable and responsible capital is their top challenge
• 48% said labor shortages is their top challenge

“It’s clear that small business owners are continuing to face challenges as they try to recover from the Covid-19 pandemic and that large corporations have been taking advantage of inflation to raise their prices on consumers, which ultimately hurts Main Street businesses,” said Anne Zimmerman, Co-Chair of Small Business for America’s Future.

“To deal with the fallout of inflation and corporate price gouging, small businesses and their workers need Congress to work on solutions that cut the expenses that eat into their bottom line and help increase the labor pool,” Zimmerman said. “That means we need policies to rein in the cost of healthcare and prescription drugs, policies that create a paid family leave program and legislation to create affordable options for childcare. To maximize our economic recovery, we must help our small business community succeed.” 

As small business owners continue to feel the fallout of Covid-19 and the economic issues it created, they support policies that address their operating expenses and increase the labor pool:

• 80% strongly support reforms to reduce the cost of healthcare and prescription drugs
• Though the Build Back Better Agenda, which included policies to address the cost of healthcare and prescription drug prices, is stalled in the Senate, 83% of small business owners surveyed think it’s an important priority for the administration and Congress to continue pursuing policies to bring down healthcare costs
• 65% strongly support reforms ensuring corporations and the wealthy pay their fair share of taxes
• 58% support creating a federal paid family leave program that allows workers to take paid time to bond with a new child, care for a seriously ill loved one or heal from their own serious illness
• 55% support extending the child tax credit and capping childcare costs for families, which would help more women enter the workforce

View the full survey report here. 

To request an interview with Anne Zimmerman, contact Conan Knoll at (831) 524-6764 or conan@emccommunications.com.  

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.