“It is much more difficult now” : Optimism amongst small enterprise homeowners at historic low amid inflation surge

After two years of pandemic challenges, Erica Gutierrez’s Mexican heritage store in Pasadena, California, remains to be simply hanging on. Gutierrez’s has not taken a paycheck, and is surviving off financial savings and the assistance of her household.  

Through the pandemic, town gave her a $10,000 grant, however she has since used all of the funds. Now, her enterprise is fighting inflation. 

“We’ve to pay extra for merchandise. We’ve to pay much more for transport,” Gutierrez advised CBS Information’ Carter Evans. 

She mentioned she worries every single day that her enterprise will shut, regardless of hopes of hiring a second worker. She now fears she could need to get a second job. 

“That is a really actual factor as a result of I’ve to determine the best way to deliver earnings to my residence,” she mentioned.  

Nationally, 85% of small companies skilled monetary challenges within the final yr, in line with the Small Enterprise Credit score Survey. The Nationwide Federation of Unbiased Enterprise Optimism Index discovered that optimism amongst small enterprise homeowners is at its lowest degree in practically 50 years. 

Pasadena Chamber of Commerce President Paul Little mentioned town has misplaced about 15% of its companies for the reason that pandemic started. 

“The pandemic hammered everyone. All of us obtained to a degree the place we thought, ‘Properly, a minimum of we will get again to some measure of a traditional.’ Nevertheless it’s much more difficult now,” he mentioned. “Inflation has actually introduced one other problem to companies.” 

Treasury Secretary Janet Yellen advised CNN on Tuesday that she was unsuitable when she mentioned final yr that inflation solely posed a small threat and wasn’t prone to be an issue. 

President Joe Biden met with Yellen and Federal Reserve Chairman Jerome Powell on Tuesday to debate plans to decrease inflation. Biden mentioned that’s his “prime financial precedence.” 

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