FOR IMMEDIATE RELEASE

Media Contact
Nazirah Ahmad 

nazirah@emccommunications.com
(704) 290-6869

New Survey: Struggling with rising costs on every front, 75% small business owners call this one of the hardest economies of their careers, comparing it to the pandemic or Great Recession 



New national survey of 1,171 small business owners finds that with costs piling up on everything from healthcare to fuel, 64% have cut or skipped their own pay to keep their businesses afloat, 67% have delayed, canceled or scaled back investments in business growth because of federal policy uncertainty, and 78% say Washington puts the needs of big corporations first

WASHINGTON, D.C., Oct. 13, 2026—A new Small Business for America's Future survey of 1,171 small business owners finds Main Street struggling through one of the hardest economies owners have faced, as costs climb on nearly every front and customers pull back. 75% call this one of the hardest economies of their careers. Of those who call it one of the hardest, 83% picked the pandemic or the Great Recession as most comparable.

The survey shows Main Street small businesses are being pressured by a tsunami of high costs, tariffs and shrinking customer spending. Seventy-two percent say running their business is harder than it was a year ago, and 83% are concerned about their business's financial health over the next 12 months. More than half of owners report rising costs in six of the nine categories surveyed, and 78% say cost increases have hurt their ability to operate or grow. Owners are covering the gaps by cutting their own pay and putting off investments in the future of their businesses—and they say Washington doesn't prioritize the needs of small businesses. 

“Costs are hitting Main Street from every direction at once and Washington doesn’t seem to care about the needs of small business owners.  My business is a good example of what is happening. We’ve been navigating erratic tariff policies that have disrupted our supply chains and now my heating oil costs $4,000 to $6,000 a month.” said Walt Rowen, Co-chair of Small Business for America's Future and president of Susquehanna Glass Co., a 116 year old family-owned glass manufacturer in Columbia, Pennsylvania. “We've lived through the Depression, wars, and recessions. Heating my factory in this current economy is some of the hardest math I've ever had to do, and I'm expecting the bill to jump 30% to 40% this winter. This survey shows us that I am far from alone. Small business owners everywhere are comparing this economy to some of the worst moments we’ve had this century.”

A combination of factors is crushing small business:

• Inflation: Among the 72% who say business has gotten harder, 85% name inflation and rising prices as a reason.
• Energy and fuel: 85% say energy costs have hurt their business, 72% report higher utility costs and 68% report higher fuel costs. Seventy-three percent are concerned growing energy demand from AI data centers could push their electricity costs even higher. Among those hurt by energy costs, nearly a third (32%) saw them rise 20% or more.
• Healthcare: 54% report higher health insurance costs, and 74% of employers worry rising premiums will make it harder to hire and keep workers. Among owners who buy their own Affordable Care Act marketplace coverage, 90% saw premiums rise this year.
• Tariffs: 59% say tariffs have made it harder to afford the day-to-day cost of running their business, and 35% paid them indirectly through higher supplier prices, so they can't claim a refund.
• Wages: 76% of employers say rising living costs are pressuring them to raise wages.
• Customers: 46% say their customers are spending significantly less. Among the 77% who see customers pulling back, 84% blame inflation.

On top of everything else, owners say federal actions add to the strain:

• The Middle East conflict: 74% are concerned U.S. military action in the Middle East could raise their costs.
• Immigration enforcement: 61% say immigration enforcement is hurting small businesses, and 33% have seen workers stop showing up to work out of fear of enforcement.

Owners Are Paying the Price Personally, and Growth Is on Hold

With costs compounding on every front, owners are covering the gap out of their own pockets. Sixty-four percent of small business owners have cut or skipped their own pay to keep their businesses running, and 47% say their business no longer covers their living expenses the way it used to. More than a quarter have considered closing or selling their business altogether. 

“To keep my business afloat, I invested my 401(k) savings and leveraged my home equity as collateral for additional capital, putting my family’s financial security on the line to sustain my business and employees,” said Gabe Hagen, founder of Brick Road Community Corporation, a coffee roasting company in Tempe, Arizona. “I raised my prices, but sales have just flattened out because customers are ordering less.”

Small business owners are putting business growth on hold. Sixty-seven percent have delayed, canceled or scaled back investments in business growth because of federal policy uncertainty. Fifty-seven percent have done the same with hiring, and 56% with expansion plans. Among owners hit by tariffs, half have delayed planned investments in growth or expansion.

The national survey of 1,171 small business owners in the Small Business for America’s Future network was conducted from Aug. 13 - Oct. 5, 2026.

To request an interview with Small Business for America’s Future leadership or a small business owner in your area, contact Nazirah Ahmad at nazirah@emccommunications.com or 704-290-6869.

###

About Small Business for America’s Future
Small Business for America’s Future is a national coalition of business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees, and their communities. For more information, visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.