With 35 percent of small business owners saying their business cannot survive more than three months in current conditions, WalletHub today released its report on the States with the Most Affected Small Businesses due to Coronavirus, along with accompanying videos.
To identify the states in which businesses are hit hardest by COVID-19, WalletHub compared the 50 states and the District of Columbia across 12 key metrics.
Their data set ranges from the share of small businesses operating in highly affected industries to small-business credit conditions and the state’s small-business friendliness.
Below, you can see highlights from WalletHub’s report and a Q&A with WalletHub analysts.
|States with Most Affected Businesses||States with Least Affected Businesses|
|1. Hawaii||42. Oregon|
|2. Nevada||43. New Jersey|
|3. South Dakota||44. Minnesota|
|4. Mississippi||45. Illinois|
|5. South Carolina||46. Connecticut|
|6. Louisiana||47. Wisconsin|
|7. Arizona||48. Ohio|
|8. Nebraska||49. Pennsylvania|
|9. North Carolina||50. Massachusetts|
|10. North Dakota||51. District of Columbia|
- 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.
To view the full report and your state’s rank, please visit:
Jay Jay Ghatt is also editor at Techyaya.com, founder of the JayJayGhatt.com and JayJayGhatt.com where she teaches online creators how to navigate digital entrepreneurship and offers Do-It-For-You Blogging Service. She manages her lifestyle sites BellyitchBlog, Jenebaspeaks and JJBraids.com and is the founder of BlackWomenTech.com 200 Black Women in Tech On Twitter. Her biz podcast 10 Minute Podcast is available on iTunes and Player.fm. Follow her on Twitter at @Jenebaspeaks. Buy her templates over at her legal and business templates on Etsy shop!