Washington, D.C. (March 9, 2022)—Today, the Job Creators Network Foundation (JCNF) released its February Small Business IQ Poll of 500 small business owners. Notably, roughly three-fourths of small employers don’t believe the Biden administration is doing enough to address high inflation (76 percent) or supply chain problems (74 percent). Rising prices remain a top concern among small businesses and 65 percent of respondents say supply chain complications are having a negative impact on their company.
Moreover, the Small Business Intelligence Quotient (SBIQ), an index tracking overall small business optimism about the economy, ticked down by nearly a point to 55.2 in February. The indicator continues to hover just above 50, as it has for the past six months. The SBIQ hit a peak of 63.5 in July.
Other key takeaways include:
- When it comes to perceptions about the economy, there is a big disparity between the smallest small businesses and larger ones. Sixty-six percent of companies with more than 20 employees consider the economy to be in excellent or good condition, compared to only 24 percent of those with between two and nine workers.
- Sixty-nine percent of small businesses are still concerned about government coronavirus mandates.
- Small businesses give lukewarm approval to increasing federal spending and the national debt to provide additional coronavirus relief aid to small businesses, even those who have been hit the hardest. Fifty-four percent strongly or somewhat support more deficit spending to fund additional small business relief.
Elaine Parker, President of the Job Creators Network Foundation, released the following statement:
“Main Street is souring on the Biden administration as it fumbles to address high inflation and persistent supply chain disruptions. If small business employers were grading Biden, his actions would get an ‘F.’ While the latest government report shows impressive job gains in February, the smallest small businesses are still facing harsh economic conditions. Small businesses are always last to fill their shelves as larger companies leverage their buying power to cut the line. And they’re disproportionately hurt by runaway inflation, a problem that will only become more pronounced as the war in Ukraine further drives up energy prices and Biden fails to ramp-up domestic production.”