90% of small businesses may close in 10 US States
Coronavirus Impact on Small Businesses in the US and Canada
- 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%)
- 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%)
- 38.8% didn’t apply
- 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.