44% of U.S. small businesses have less than 3 months' worth of cash, report finds

More than 18 months into the pandemic, bakery owner Letha Pugh is so low on cash that she's afraid to spend it on anything other than paying her employees. 

She's hardly alone: 44% of U.S. small businesses have less than three months of cash reserves, leaving them vulnerable to another shutdown due to COVID-19 or other financial emergencies, according a Goldman Sachs survey of more than 1,100 small businesses. An even greater share — 51% — of Black-owned small businesses have less than three months' cash on hand, according to the same survey.  The results underscore the ongoing pressure on many small employers around the country despite a rebound in customers thanks to the availability of COVID-19 vaccines.