According to a recent survey by Intuit Corp., the vast majority of small businesses have not benefited from the stimulus plan—nor do they expect to.
Intuit (disclosure: Intuit is an Emergent Research client) surveyed more than 1,000 small businesses and found:
—98 percent have not received any money as a result of the stimulus plan.
—86 percent feel the stimulus plan will not directly benefit their business.
—84 percent do not believe the stimulus plan will help them grow their businesses in the coming year.
The stimulus plan—officially, the American Recovery and Reinvestment Act of 2009—was signed into law in February. It amounts to $787 billion in government spending, incentives, and tax cuts designed to kick-start the economy and create jobs.
But the roll out of the plan and spending has been slower than Congress and the Obama administration expected. Outside of road and bridge construction, where thousands of projects funded by the plan are currently underway, little of the money has been spent.
The government hopes to get the money flowing this summer and fall.
Despite the current pessimism about the stimulus package, we continue to believe many small businesses will benefit from the plan. We also expect the effect to be more widely felt starting in the fall. My recent article, "What the Stimulus Package Means for Small Business," covers this in more detail.
Steve King is a partner at Emergent Research , where he leads an ongoing research project to identify, analyze , and forecast the global trends and shifts affect ing small business. He blogs at www.smallbizlabs.com.