PNC Survey Finds Several Small Businesses See Hope in Vaccine

PNC Survey Finds Several Small Businesses See Hope in Vaccine

As March 2021 begins, it’s now been nearly a year since the first wave of COVID-19 infections hit the United States. Yet, on the eve of that anniversary, the distribution of approved vaccines is providing some much-needed hope. Now, the latest survey from Pittsburgh-based bank PNC shows that small business owners across the nation have positive feelings about the rollout and are taking various approaches to encourage their staff to be vaccinated.

According to PNC’s findings, 48% of small business owners surveyed intend to require vaccinations among their employees. Stopping short of making vaccinations mandatory, 22% plan to offer incentives to employees who choose to receive inoculations while 33% will provide educational material regarding vaccination. Meanwhile, 45% of respondents expect that the rollout of vaccines will have a positive impact on their sales.

Another hope is that, with vaccines currently ramping up distribution, small businesses will be able to begin bringing back staff. While the survey found that one-quarter of businesses needed to cut their workforce in the past year, 82% expect that this reduction will be temporary. However, a return to previous staffing levels may be slow as only 7% of respondents are planning to increase the number of full-time employees within the next six months.

The emphasis that many small businesses are putting on the now three COVID-19 vaccines comes as many continue to struggle with the recent economic conditions. Nearly half (48%) of respondents report that they’re still facing challenges that threaten their ability to say in businesses, with 24% stating that they’ll likely need to close if current conditions don’t improve within the next year. In response, 40% of small businesses surveyed now say that they plan to raise their prices within the next six months. That figure is up more than seven percentage points from a previous PNC survey conducted in the fall.

Commenting on the survey’s findings, PNC Chief Economist Gus Faucher remarked, “Clearly, small and mid-sized business owners have high hopes that successful adoption of vaccinations by the public will translate into an improved business environment, but many challenges remain in front of them.” Faucher added, “As we saw in our survey last fall, business owners remain resilient as they adapt to the massive economic changes the pandemic has caused, and they expect most of these changes to be genuinely transformative.”

While there have been some hiccups along the way in terms of vaccine distribution, the good news is that infection numbers have continued to fall in several areas of the U.S. Additionally, as mentioned, a third vaccine was recently approved for emergency use by the Food and Drug Administration. As more Americans do receive vaccinations and herd immunity grows, there’s a tempered expectation that economic recovery can begin in earnest — hence the push by small business owners. With that, while it’s certainly been a long year for business owners and many others, there may finally be light at the end of the tunnel.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...