63% of small business owners support the $1.9 trillion Covid stimulus package, according to CNBC. The percentage includes 46% of Republican small business owners who also support the legislative proposal.
- Support for the relief package comes as confidence among small business owners fell to an all-time low since 2017.
- The small business Confidence Index fell from 48 out of a possible 100 in the fourth quarter last year to 43 this quarter.
- The number of small business owners confident of operating for more than a year under the current business conditions declined from 67% in the fourth quarter to 55%.
- Support for the latest relief package is said to have waned as it includes an increase in the federal minimum wage, which is unpopular among business owners
- 54% of small business owners oppose raising the federal minimum wage to $15 per hour, while 44% support the increase.
- Small business owners saying overall business conditions are good fell from 39% in the fourth quarter of 2020 to 29% this quarter
- 82% of Republicans expect government regulations to hurt business, up from 17% a year ago.
- 12% of Democrats expect regulations to harm the economy, down from 40% a year ago.
- Confidence Index among Republican small business owners fell by 25 points from the third quarter of 2020 to 32 this quarter.
- Confidence Index among Democrat small business owners rose to 63 this quarter, up 17 points from the pre-election survey.
- Only 14% of Republican small business owners approve how Biden is handling his job
U.S stocks are currently gaining. SPY is up 0.45%, QQQ is up 0.48%
