We analyzed and ranked the level of support states offer small businesses. How likely your business is to survive the pandemic can be heavily influenced by where it is located.
The US has over 30 million small businesses that employ almost 60 million people. But during the global coronavirus pandemic, many either had to shut down or operate at minimum capacity.
Now, as many states begin to reopen, these businesses are trying to get back to some kind of “normal.” Yet, with consumer spending at a 10-year low, a vast number of these businesses are still struggling to make ends meet.
Over the past few months, some have found help in the form of grants, loans, tax deferrals, and eviction and foreclosure moratoriums.
But which states and local fundraisers have and continue to offer the most assistance, and which are leaving small businesses to fend for themselves?
We’ve ranked each state based on the help they’ve given and are continuing to give to small businesses during the pandemic. Scores depend on the number of loans that have been or are still available, the allocation of federal funding, and their regulations (e.g. extending businesses tax deadlines).
What did we find?
- Idaho, Nevada, West Virginia, and Wyoming have no known loans or grants available for small businesses
- Only 26 states have (or have had) a statewide loan available for small businesses, with just 17 introducing grant-based schemes
- While all states have received some federal funding in the form of PPP and EIDL loans, some received far more support than others. For example, 25.71 percent of small businesses received a PPP loan in North Dakota, while just 12.19 percent received the same in Maryland
- The highest percentage of small businesses to have received an EIDL loan advance within one state was 1.18 percent in Hawaii. The lowest was 0.56 percent in West Virginia
To learn more about the aid being offered to small businesses throughout the United States , visit: https://bestaccountingsoftware.com/us-small-business-support-covid/
AUTHOR
Susan Honea – Chief Operating Officer, SMC Innovations LLC
Susan Honea is a bookkeeper and the Chief Operating Officer of SMC Innovations LLC, an accounting and tax firm near Atlanta, GA. For the past eight years, she has helped non-profit, and small business clients with bookkeeping, tax preparation, and payroll and auditing services.