NFIB State Director Sylvester Smith says this weekend’s sales tax holiday on clothes and school supplies is a good opportunity for people who support local businesses still recovering from the COVID-19 shutdown.
“Small, independent businesses have merchandise and service that you won’t find at the chain stores,” Smith said. “And when you shop small, you help the local economy.” According to a study from American Express, 67 cents of every dollar spent at a small business stays in the community and creates an additional 50 cents in local business activity as employees and owners purchase local goods and services.
“Shopping small is is especially important now as local merchants are working to recover from this spring’s economic shutdown,” Smith said. “Many of the small businesses that had to close temporarily because of the coronavirus have struggled to reopen, and without our support, some of them may have to close for good.”
A new survey by the NFIB Research Center says economic conditions are putting significant stress on the financial health of many small business owners struggling to balance lower sales, and expenses, and longer-term sustainability. About 23% of small business owners report that they will have to close their doors if current economic conditions do not improve over the next six months.
“That’s why we’re asking everyone to support the local community and support their friends and neighbors by shopping small this weekend,” Smith said. “When you help small businesses, you help everyone.”
To learn more about Arkansas’ sales tax holiday, visit https://www.dfa.arkansas.gov/excise-tax/sales-and-use-tax/sales-tax-holiday