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.)

Source: WalletHub

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.


GettyImages

Related Articles

11
Update: Lawmakers and President on the Verge of Striking a Funding Deal

The deal may be agreed upon as early as Monday (4.20.2020)

12
80% of Small Business Loan Applicants Are Still Waiting

In a recent NFIB survey, 65% of the participants said they don’t believe the economy will fully recover until 2022.

13
SBA Slashes Disaster-Loan Limit from $2 million to $150,000

After initially telling businesses that individual disaster loans could be as high as $2 million, SBA has now imposed a $150,000 limit.

14
IRS Announcements Provide Guidance on Small Business Tax Issues and Tools

Do you have a tax-related question? You may find the answer here.

15
An Overview of the New & Improved Small Business Paycheck Protection Program

The PPPFA provides two new exceptions for borrowers to qualify for forgiveness even if their workforce isn’t fully restored.

16
How John Krasinski Grew ‘Some Good News’ Into Some Even Greater News?

How actor John Krasinski found ‘some good news’ in the era of coronavirus.

17
State-by-State Listing of COVID-19 Resources

Each state has its own unique listing of COVID-19 resources. Here are some from each.

18
Coronavirus (COVID-19): Small Business Guidance & Loan Resources (SBA)

Recommended strategies that employers can use now.

19
100+ BigCo CEOs Predict Dire Consequences if Congress Fails to Pass Small Business Pandemic Relief

100 CEOs called on Congress Monday to pass long-term relief to ensure small businesses survive the coronavirus pandemic.

20
Retailers (Large & Small) are Seeking a Nationwide Mask Policy

Since the onset of the pandemic, retailers — of all sizes — have been on the front lines of interactions with customers and suppliers.

21
President Trump Signs Small Business Loan Funding Bill

Funding package increases aid to small businesses, hospitals and Covid-19 testing.

22
Lawmakers, Officials are Preparing Significant Changes to PPP Loan Program

Both changes follow small business owners who say they can’t hire back staff while they are closed during the coronavirus pandemic.

23
Helpful Work-Related COVID-19 Articles from the U.S. Centers for Disease Control and Prevention

CDC resources and articles organized in a work-related table of contents.

24
Survey: Small Business Employees Say Covid-19 Could Lead to More Work-at-Home Adoption

Employees of companies — large and small — are bracing for the ongoing impacts of Covid-19.