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Coronavirus: impact on small business in the U.S. - statistics & facts

When coronavirus (COVID-19) spread throughout the United States, small businesses around the country felt the full force of the economic impacts. In the early days of the pandemic, regulations forced businesses to close their doors and practice social distancing, which caused a drop in the Small Business Optimism Index -- an indicator for the overall performance and health of small businesses. That is why many are worried about the future of small business and their ability to survive the impacts of the pandemic.

Throughout 2020, the continuing lockdown measures and social distancing practices have been detrimental to the financial situation of small businesses. When compared to previous financial quarters, many small business owners had an increasingly poor assessment of their company's financial situation, and for good reason. With a decrease in customer availability and potential revenue, many small businesses had to look to outside assistance in order to survive. Therefore, financial assistance was given to small businesses all across the country, as many found it increasingly difficult to continue operating or to even pay their own employees.

Closings

Due to increasing infections and regulations, many small businesses have been hurt by the impact the pandemic is having on their workforce. On a monthly basis, around 10 percent of small businesses in the United States reported a decrease in their number of paid employees. Many employees have chosen not to go to work in order to keep safe, while many are unable to return to work due to lockdowns and regulations. However, many employers require that their employees be tested and receive a negative COVID-19 test result before returning to work.

Costs

With decreases in revenue and workforce, it is no wonder that many small businesses were forced to close due to the pandemic. These smaller companies are unable to survive such conditions like larger businesses do and have gone completely bankrupt or have had to permanently close their business down. However, as the nation begins to emerge from the shadow of the pandemic, small business are beginning to recover as well. More and more small businesses are reopening after temporarily closing, and business owners are looking to improve their business in the near future. In fact, many small business owners believe that businesses like theirs will be able to recover from the impacts of coronavirus by the end of 2021.

Key figures

The most important key figures provide you with a compact summary of the topic of "Coronavirus: impact on small business in the U.S." and take you straight to the corresponding statistics.

Expenditures and assistance

Impact on workforce

Closings & capacity

Coronavirus: impact on small business in the U.S.

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Coronavirus: impact on small business in the U.S. - statistics & facts

When coronavirus (COVID-19) spread throughout the United States, small businesses around the country felt the full force of the economic impacts. In the early days of the pandemic, regulations forced businesses to close their doors and practice social distancing, which caused a drop in the Small Business Optimism Index -- an indicator for the overall performance and health of small businesses. That is why many are worried about the future of small business and their ability to survive the impacts of the pandemic.

Throughout 2020, the continuing lockdown measures and social distancing practices have been detrimental to the financial situation of small businesses. When compared to previous financial quarters, many small business owners had an increasingly poor assessment of their company's financial situation, and for good reason. With a decrease in customer availability and potential revenue, many small businesses had to look to outside assistance in order to survive. Therefore, financial assistance was given to small businesses all across the country, as many found it increasingly difficult to continue operating or to even pay their own employees.

Closings

Due to increasing infections and regulations, many small businesses have been hurt by the impact the pandemic is having on their workforce. On a monthly basis, around 10 percent of small businesses in the United States reported a decrease in their number of paid employees. Many employees have chosen not to go to work in order to keep safe, while many are unable to return to work due to lockdowns and regulations. However, many employers require that their employees be tested and receive a negative COVID-19 test result before returning to work.

Costs

With decreases in revenue and workforce, it is no wonder that many small businesses were forced to close due to the pandemic. These smaller companies are unable to survive such conditions like larger businesses do and have gone completely bankrupt or have had to permanently close their business down. However, as the nation begins to emerge from the shadow of the pandemic, small business are beginning to recover as well. More and more small businesses are reopening after temporarily closing, and business owners are looking to improve their business in the near future. In fact, many small business owners believe that businesses like theirs will be able to recover from the impacts of coronavirus by the end of 2021.

Interesting statistics

In the following 4 chapters, you will quickly find the 14 most important statistics relating to "Coronavirus: impact on small business in the U.S.".

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