Number of the Day Shows Small Businesses Wary of Biden
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That’s how many small business owners believe Joe Biden’s administration will be bad for them, a recent survey showed.
The survey, conducted in mid-November by CNBC and SurveyMonkey, showed overall confidence among small business owners dropped to its lowest level since CNBC and SurveyMonkey started collecting quarterly data in 2017. Just 34% of the 2,253 owners surveyed anticipate a Biden presidency will have a positive impact on small businesses, while 8% said it would have no impact and 2% didn’t answer. Owners expressed concern about changes in tax policy, government regulations, and immigration, according to the survey findings.
Forty-nine percent of the small businesses surveyed said they expect changes in government regulations over the next 12 months to have a negative impact on them. One way Biden may influence these regulations is to replace the leadership at the Consumer Financial Protection Bureau, a financial services watchdog that critics say has gone easy on business under the Trump administration.