According to a national survey conducted by Square and global analytics firm, Gallup, American small business owners are closely following the 2020 Presidential election and overwhelmingly plan to vote in November. With 60% paying “a lot of attention” and 30% paying “some attention,” this key group of voters, who account for more than 30 million businesses across the country, is more than highly engaged: 97% say they will likely cast a vote in the 2020 Presidential election.
Even though small business owners nationwide tilt more Republican (40%) than Democratic (33%) or Independent (26%), they are closely divided in whom they would support in the general election. By comparison, U.S. adults nationwide are less likely to identify as Republicans, according to Gallup.
Results show that small business owners in North Carolina prefer to vote for a Democratic candidate in the 2020 Presidential Election, unlike national small business owners who selected President Donald Trump (48%) in each hypothetical head-to-head match-up between two candidates, except Michael Bloomberg (52%). North Carolina’s small business owners chose all seven of the Democratic candidates over Donald Trump in the recent survey.
Nationwide, President Trump’s approval rating among small business owners is 60%, but it is 54% in North Carolina. North Carolinian business owners also identify as more moderate (44%) than the small business owners nationwide (37%).
The top general election contenders for small business owners in North Carolina are Mayor Pete Buttigieg who voters prefer to President Trump, 58% to 42%. Michael Bloomberg is supported by 56% of North Carolina’s small business owners over Trump (44%). Support for the Democratic candidates is higher among small business owners in North Carolina than nationally. Below is a breakout of North Carolina’s small business owners’ preferences for the presidential election:
|
Head to Head |
Democratic Candidate |
Donald Trump |
|
Pete Buttigieg vs. Donald Trump |
58% |
42% |
|
Michael Bloomberg vs. Donald Trump |
56% |
44% |
|
Joe Biden vs. Donald Trump |
55% |
45% |
|
Bernie Sanders vs. Donald Trump |
55% |
45% |
|
Elizabeth Warren vs. Donald Trump |
55% |
45% |
|
Amy Klobachar vs. Donald Trump |
54% |
46% |
Key Election Issues: Taxes, Government Regulations, and Healthcare
Forty percent of North Carolina’s small business owners say taxes present the greatest challenge to their business operations, compared with 32% of small business owners nationally. Healthcare and government regulations follow as the next top challenges, which aligns with national small business owners. However, fewer, 19% of North Carolina small business owners say US trade tariffs have helped their business, compared to 27% nationally. Similarly, North Carolin’s small business owners are more likely to say they have not been impacted one way or another by US trade tariffs (53%) compared to small business owners nationwide (40%).
2017 Tax Reform Law Impact
More North Carolinian business owners are slightly more likely than those nationwide to say they were negatively impacted by the 2017 tax reform law, 32% vs. 28%. Thirty-six percent say it mostly helped their business, but that’s lower than the 43% for small business owners across the country.
Methodology
Results for this poll are based on online surveys conducted by Gallup on Jan. 15-24, 2020, with a sample of 1,234 small business owners, aged 18 and older, living in all 50 U.S. states and the District of Columbia, including 100 in North Carolina. Respondents were interviewed via web in partnership with Dynata. All respondents own a small business with annual revenue between $50,000 and $25,000,000. The national sample was weighted by revenue to ensure the sample was reflective of respondents across the revenue range.
About Square
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or tablet. Today, we build tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, and the UK.
About Gallup
For more than 80 years, Gallup has been a recognized leader in the measurement and analysis of people’s attitudes, opinions and behavior. While best known for the Gallup Poll, founded in 1935, Gallup’s current activities consist largely of providing marketing and management research, advisory services and education to the world’s largest corporations and institutions.
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