San Francisco, Dec. 20, 2021 — Rocket Lawyer, the affordable and complete legal service, today announced new research that reveals how small and mid-sized businesses (SMBs) view their future business outlook, employment law, vaccine mandates, and more.
From unprecedented financial challenges because of the pandemic to new vaccine mandates and continued labor shortages, SMBs have faced many obstacles this year. Yet, with emerging issues, such as the supply chain crisis and new COVID strains and restrictions, SMBs may find 2022 to be another uphill challenge without proper legal counsel. Rocket Lawyer’s survey outlines business trends that are helpful for SMBs to consider as they look forward to 2022.
The CARES Act and PPP loans were available but resources were not fully utilized
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) authorized the creation of the Paycheck Protection Program (PPP), a U.S. Small Business Association-backed loan that helps businesses employ workforces during the pandemic. However, 55% of the SMB survey respondents didn’t need a loan and only 21% applied for one.
More than 80% of SMBs don’t have a vaccine policy
Vaccination enforcement in the workplace has been a polarizing topic in recent months and will continue to be discussed given state protocols, the introduction of new booster shots, and new variants of the virus.
A third of respondents are optimistic about the future and believe gross sales will increase in 2022
Despite a tough year with supply chain challenges and a hiring crunch, 39% of SMBs are optimistic and believe gross sales will increase next year in 2022. Approximately 27% of respondents expect sales to increase in Q4 2021 compared to Q4 2020, and 39% expect calendar 2022 gross sales to increase overall.
More than half of respondents have sought legal advice for their business
According to respondents, at least 60% of SMBs have needed to talk to a lawyer and almost a third of respondents have worked with a lawyer in the past. Without proper legal counsel, SMB owners and operators can end up compromising their rights, interests, reputation, and finances. For example, only 22% of respondents are familiar with employment law, which has become even more relevant given the work challenges of today.
“It's important for SMB owners to be informed of their legal rights, especially at a time when there continues to be so much change due to the ripple effect of the pandemic,” said Charley Moore, Founder and CEO of Rocket Lawyer. “SMBs should take advantage of the available resources that support growing their businesses, including online legal services which have proven to be critical to overall success.”
The Rocket Lawyer research consisted of an online survey conducted by Researchscape of business owners at small and midsize organizations. More than 1,000 individuals from the U.S. completed the survey. Responses were captured in October and November 2021.
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At Rocket Lawyer, we believe everyone deserves affordable and simple legal services. Our laws should protect and empower—but for too many of us, the law is a burden, because of high costs and complexity. So, we’re changing things. Since 2008, we’ve helped over 20 million businesses, families, and individuals obtain the legal help they need, at a price they can afford. That’s legal made simple.® Visit www.rocketlawyer.com for a free trial and follow us on Facebook, Twitter and LinkedIn.
This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.