Press release
Nevada State Bank’s Annual Survey Reveals Expectation of Faster Than Average Economic Recovery
LAS VEGAS--(BUSINESS WIRE)-- Nevada State Bank has released the results of its eighth annual survey of small business owners and managers throughout Nevada.
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[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nNevada State Bank has released the results of its eighth annual survey of small business owners and managers throughout Nevada. The survey reflects the hardship caused by COVID-19 and related responses, but also the hopeful perspective on economic recovery during the next 18 months.\n\n“It has been quite a year since our last survey, and we were encouraged to see some optimism balancing the impact of the global pandemic on the state’s small businesses,” said Terry Shirey, president and CEO of Nevada State Bank. “Even with the economy on top of the list of concerns, we see that Nevada businesses expect to return to pre-COVID levels in an average of 1.8 years, whereas they expect the U.S. economy to take an average of three years—I see optimism about our state’s recovery there.”\n\nThe bank’s annual survey, conducted by Applied Analysis, asked questions about the economy, business environment, revenue and profitability, employment, community involvement, and the overall outlook for small businesses in Nevada. Highlights of this year’s survey include:\n\n\nFor the first time in eight years, the economy was the No. 1 concern for small business owners. Government regulation came in second, with healthcare costs and business taxes tied for third.\n\n\nNearly 1 in 3 small businesses (32.5%) reported that they believe the national economy is heading in the right direction, a drop of 44.5 percentage points from the prior year’s survey.\n\n\nOnly about 1 in 4 respondents indicate they believe Nevada’s business environment has gotten better or stayed the same over the past year, reversing historical perceptions.\n\n\nNearly half of respondents believe Nevada’s business environment will get better in the upcoming year, and about 3 in 4 respondents indicated they plan to have about the same number of workers working remotely as they do today.\n\n\nNearly 3 in 4 small business respondents (70.8%) applied for a Paycheck Protection Program (PPP) loan, a relief program brought about by the CARES Act. Of those who applied, nearly all were successful in obtaining a PPP loan, which a majority (94.4%) said helped their business to be able to retain their employees in 2020. As a result of its success, over 2 in 5 small business respondents (43%) plan to or have applied for the new round of PPP loans in 2021.\n\n\nNearly...