Coronavirus has dealt a heavy blow to small businesses across the U.S. 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.
87% | A recent WalletHub survey found that 87 percent of the small business owners surveyed said their business is hurting from the coronavirus.
35% | Percentage of small businesses participating in the survey who said their business cannot last more than three months in current conditions.
Where does your state rank in small business negative impact? (Hover over your state.)
In order to find out where the pandemic has caused businesses to struggle most, the personal finance website WalletHub compared the 50 states and DC 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.
More findings from the WalletHub research
- Hawaii has the highest share of small-business employees operating in highly affected industries, 57.66 percent, which is 1.5 times higher than in Pennsylvania, the state with the lowest at 38.59 percent.
- Wyoming has the lowest share of businesses with e-commerce sales activity, 9.60 percent, which is 1.8 times lower than in the District of Columbia, the highest at 17.20 percent.
- The District of Columbia has the highest share of loans to small businesses that are more than 30 days past due but less than 91 days past due, 7.40 percent, which is 12.5 times higher than in South Dakota, the state with the lowest at 0.59 percent.
- Hawaii has the highest total dollar amount of small business loans per small business employee, $5,616, which is 2.3 times higher than in the District of Columbia, the lowest at $2,449.
- South Carolina has the lowest share of eligible small businesses receiving SBA loans, 4.63 percent, which is 3.5 times lower than in Utah, the state with the highest at 16.27 percent.