Small business closures across the U.S. and the world are creeping back toward their pandemic peaks, according to a report from Facebook and the Small Business Roundtable.
“It continues to be a very painful time for small businesses,” John Stanford, co-executive director of the Small Business Roundtable, told CNBC’s “Worldwide Exchange” on Thursday.
The report, which surveyed over 35,000 small and medium-size businesses across the world, found that 22% of U.S. small businesses were closed in February. Those figures were up from October’s 14%. At the peak in May, the pandemic saw 23% of small and medium-size businesses closed — only 1 percentage point higher than the current closure rate.