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90% of small businesses may close in 10 US States

Coronavirus Impact on Small Businesses in the US and Canada

90% of small businesses may close in 10 US States
How to pay rent this month as a small business owner in the United States or Canada? Everything is no longer all great in America. The top 10 most-impacted U.S. States with more than 90% of small businesses on the brink of collapse due to the Coronavirus epidemic reflect swings this week.
The saddest US States for small business owners are :
  • Montana (97%)
  • District of Columbia (94.7%)
  • Minnesota (93%)
  • Hawaii (92.3%)
  • Louisiana (92.3%)
  • Oregon (92%)
  • Arkansas (91.1%)
  • Kentucky (91.1%)
  • New Jersey (91%)
  • Idaho (90.8%)
Here are some answers from a survey done by alignable.
  • 340K small business owners to date have weighed in. Amazing participation, let’s keep that momentum going.
  • “Impact on the decline” appeared on the Impact Over Time Chart for the first time! About 4% of small business owners in 31 states & 6 provinces signaled this trend.
  • Other States & Provinces are way UP or way DOWN: 40 states & the District of Columbia also reported overall increases in impact. And 10 had steep decreases. It’s like riding a see-saw.
  • The overall impact is still high, remaining around 85%.
  • CARES ACT LOAN UPDATE — A bit better.

    • 38.8% didn’t apply
    • 30.2% applied, haven’t heard back
    • 9.8% tried to apply, unable to submit
    • 4.4% were denied
    • 5.2% were approved, but haven’t received funds
    • Only 11.6% were approved & have cash (up from 8%)
  • Lacking funds, 34% of small businesses can’t pay May rent

Still At 85% Impact, But Declines Debut On The Map!

Pressure Eases In Some States, Elevates In Others

 

The biggest increases in impact were seen in Arkansas (up 16%), Montana (up 11.5%), DC (up 10%), and Idaho (up 9/7%).

Meanwhile, several states fell out of that Top 10 ranking, showing hopeful declines in impact:

  • Alaska held the top spot for weeks, yet is now out of the Top 10, reporting a drastic -15% decline in impact, landing in the bottom 5 states this week, with an impact score of 80%.
  • Other states with dramatic drops, include Rhode Island (-16%) down to 75.9% & Delaware (-15%) settling at 76.9%.
  • States with more moderate declines were: New York (-3%) now hovering at 90%, Michigan (-3%) down to 89.1%, Vermont (-4%) now at 88.7%, and Massachusetts (-5%) landing at 87.8%.

In Canada, Some Provinces Are Lighter & Brighter

  • Manitoba, Saskatchewan & New Brunswick had major declines in impact, from -8.7% to -17%.  Even Ontario, which was No. 1 at 91% last week, was knocked out of the Top 3 Most-Impacted Provinces and is now at 86%.
  • Nova Scotia, unfortunately, jumped to nearly 100% of businesses being affected. Quebec remains high at 88.2%, as does Alberta at 87.05%.

North America, of course, is not alone in this struggle. Japan went all out for small businesses, so did Germany.

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