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Small business optimism cratered during March across New York

Optimism among small businesses has cratered. The economic downturn caused by the Coronavirus pandemic, or COVID-19 has been the largest contributor.

The National Federation of Independent Business found an index of optimism of small business owners dropped 8.1 points in March.

It was the largest monthly decline in history.

“NFIB’s Small Business Economic Trends Survey has been a trusted metric of the health and wealth of America’s small businesses since 1973. Small businesses are experiencing unprecedented concerns as they face the uncertain future created by COVID-19,” said Greg Biryla, NFIB’s New York state director to Spectrum News. “It’s crucial that struggling small businesses have access to federal funding from the CARES Act and that state governments do everything at their disposal to give small businesses the flexibility and support they need to survive and eventually thrive.”

They survey found that along with a decline in optimism – job openings and sales have declined.