Goldman Sachs released its new Summit Survey July 13, which finds an overwhelming majority of small business owners still have deep concerns about the economy, with 93% worried about a possible recession in the next year and 89% reporting that challenges — such as inflation, supply chain and workforce issues — are taking a toll.

The report comes ahead of next week’s 10,000 Small Businesses Summit in Washington, D.C., where more than 2,500 small business owners — and 82 from New Jersey — will meet with over 400 government officials to advocate for solutions to these challenges.

The constituency is calling on Congress to reauthorize the Small Business Administration to meet the needs of present-day small businesses.

“Entrepreneurs everywhere are facing a bumpy economic road ahead even as they overcome the obstacles of the last few years,” said David Solomon, chairman and CEO of Goldman Sachs. “So it’s important that we bring together leaders from the private and public sector who can work together to support the source of economic vitality in America: our small businesses.”

“Millions of small business owners here in New Jersey and across America are still facing significant challenges today,” said Geraldine Keogh, owner of The Dessert Ladies in Stirling. “Thankfully, the power of the small business community is immense. When the largest-ever gather[ing] of small business owners convenes in Washington next week, we’ll be speaking with one voice about the need for bipartisan solutions to ensure our government is able to meet the needs of today’s small business community.”

Hiring and retaining workers remains the most significant problem for small businesses, according to the survey, with 84% saying those challenges have gotten worse or stayed the same in recent months. A staggering 97% of those businesses reported that it has impacted their bottom line.

The surveyed small businesses also report that record inflation and supply challenges are having a profound impact with 97% of owners saying those pressures have increased or stayed the same compared with three months ago. The trend has led 65% of small businesses to increase the price of their goods or services to offset those pressures, while 38% have seen a decline in customer demand as a result.

Despite these unprecedented challenges and trends, 65% of small business owners remain optimistic about the financial trajectory of their own business in 2022.

“Small businesses are the backbone of our communities and the lifeblood of our economy,” said Joe Wall, Goldman Sachs 10,000 Small Businesses Voices national director. “They’re not looking for a handout; they just want a hand up. Goldman Sachs 10,000 Small Businesses Summit will be a historic opportunity for America’s small businesses to raise their concerns at the highest levels of government. We’re looking forward to hosting this historic event and doing what we can to continue to lift up the small businesses that drive our economy forward.”