According to research conducted exclusively for COSBOA, in 2020 the small business sector has been hit hard by COVID-19 and continuing lockdowns around the country.
During the first round of lockdowns alone, three in four small businesses have seen a decline in revenue because of COVID-19, while a third of sole traders reported a 75 per cent decline in revenue
Throughout 2020, 37 per cent of Australians said they had increased spending at small businesses, but less than 1 in 10 said it was a significant increase, so we need to keep backing small business.
Lockdowns are so tough for small businesses, with 1 in 3 small businesses owners taking a pay cut or receiving financial support from Government throughout the first round of lockdowns.
In other words, they’re doing it really tough – and need Aussies to continue to rally around them.