A new survey of 80,000 small businesses found that 48.6 percent believe they won’t survive America’s current economic conditions.

Conducted by RedBalloon and Public Square, the survey also indicated that 22.4 percent of respondents said their business would “definitely not” survive continued inflation, while 26.2 percent indicated their business “probably” would not make it.

The survey, running from April 30 to May 10, included 80,000 small businesses with fewer than 500 employees from across the country. Retailers, restaurants, service providers, and those in the hospitality industry were among those interviewed.

Responding to questions about what changes business owners would need to make to stay afloat, many said they would just have to close their doors because they cannot reduce costs any further. Others stated that would be forced to cut costs to the bare minimum, while the remainder said they may be faced with closing up to half of their locations.

Andrew Crapuchettes, founder and CEO of RedBallon, a national job board, told The Epoch Times that the problem began with the mandated COVID-19 lockdowns in 2020.

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