Thousands of businesses warn they’re at risk of closing

Nearly 20,000 businesses have warned they’re at risk of closing if President Joe Biden is elected to a second term.

In a new report from RedBalloon and PublicSquare, nearly half of the 80,000 small businesses surveyed said they “definitely” or “probably” will not survive another four years with Biden.

“There is nothing I can afford to do in addition to what I’m already doing. If things don’t change, I’ll be finished,” one business owner said in the report.

Already, businesses are making moves to preserve their cash flows. Four in 10 now said they are delaying paying bills while a whopping seven in 10 have put all staffing plans on hold, the survey found.

“It’s been a difficult three years for America’s small businesses,” Michael Seifert, PublicSquare CEO, said in the report. “While many inside the Beltway may feel like things are good, that isn’t translating to Main Street America—the frontlines of our small business economy.”

PublicSquare is the conservative “anti-woke” marketplace aiming to compete with Amazon.

“Just like families all across the nation, many small business owners are now in bill paying triage,” Andrew Crapuchettes, RedBalloon CEO, said in the report. “All of the government reports and happy-talk from Washington DC doesn’t change that Americans continue wrestling with inflation, and a majority of small business owners now predict we’ll slip into stagflation.”

While inflation stood at 3.4 percent in April, not everyone believes Biden’s presidency is directly related to the economic turmoil many businesses face.

HR consultant Bryan Driscoll questioned whether any of Biden’s actual economic policies were the reason for the small business’s troubled finances.

“The discussion today simply happens to occur when a Democrat is in the White House. The same conversation could also happen with a Republican but rarely does because Republicans have better messaging about how they’re better for small business,” Driscoll said. “Spoiler: they’re not.”

For some businesses, Biden’s pro-worker policies could create temporary financial stress for businesses that “fail to innovate or manage their finances effectively,” Driscoll said.

“If a business can’t afford to pay its workers fairly or handle economic fluctuations, it might indicate inefficiencies within the business itself rather than flaws in national economic policy,” Driscoll said.

And when it comes to a second Biden or Trump presidency, Driscoll said both would have significantly different implications for the small business owners both long and short term.

“Biden’s approach is more likely to lead to long-term stability and growth by focusing on the workforce,” Driscoll said. “While some businesses might feel immediate pressure, those that adapt will ultimately thrive in a fairer economic landscape. Conversely, a Trump presidency could lead to short-term gains for businesses but potentially at the cost of worker welfare and long-term sustainability. After all, if a business can’t afford to pay its workers fairly, how does it expect those same workers to afford the products and services they help create?”

A separate survey from CNBC last year showed only 30 percent of small business owners approved of Biden’s policies, and 56 percent said they “strongly disapprove” of the way he’s handled his presidency.