States with the Most Affected Small Businesses due to Coronavirus
From Wallet Hub, Apr 13, 2020
Coronavirus has dealt a heavy blow to small businesses in the U.S., as many “non-essential” businesses have been forced by state governments to shut their doors until the pandemic passes. With most of the U.S. under some form of lockdown, some businesses have managed to adapt by having employees work remotely. However, many business owners have been forced to lay off staff and have watched their revenue plummet to zero.
A recent WalletHub survey found that 87 percent of small business owners say their business is hurting from the coronavirus, and 35 percent say that their business cannot last more than three months in current conditions. Businesses are more impacted by COVID-19 in some states than others, though.
In order to find out where the pandemic has caused businesses to struggle most, WalletHub compared the 50 states and the District of Columbia across 12 key metrics. Their data set ranges from the share of small businesses operating in high-risk industries to small-business credit conditions and the state’s small-business friendliness….
read … Full Report
- 1 - Overall Rank
- 69.87 - Total Score
- 2 - ‘Impact & Access to Resources’ Rank
- 22 - ‘Small-Business Financial Conditions’ Rank
- 2 - ‘Business Environment & Workforce Support Conditions’ Rank
- 1 – Highest Share of Small Businesses Operating in High Risk Industries
- 1 – Highest Share of Small Businesses Operating in High Risk Industries Among Total Small Business Employees
- 48 – Share of Consumer Expenditures Related to High-Risk Industries
- 5 – Lowest Business Vitality
- 1 – Highest Total Amount of Small Business Loans Per Small Business Employee