Coronavirus has dealt a heavy blow to the economy and an especially heavy blow to small businesses around the county. Many “non-essential” businesses have been ordered to close until the pandemic passes. Some businesses have been able to adapt by having their employees work remotely. But many business owners have been forced to lay off employees as their revenue has plummeted.
A recent survey conducted by WalletHub, found that 87 percent of small business owners say their business is hurting because of COVID-19, 35 percent say that their business cannot last more than three months in current conditions. However, it appears that businesses are affected more in some states than in others.
According to the WalletHub study, Arizona small businesses rank number 7 overall. Here are some of the findings for Arizona small business (1=most affected, 25=average):
- 20th – Share of Small Businesses Operating in High-Risk Industries
- 5th – Share of Small-Business Employees Operating in High-Risk Industries Among Total Small-Business Employees
- 10th – Business Vitality
- 18th – Small-Business Credit Conditions
- 9th – Total Amount of Small-Business Loans per Small-Business Employee
For more information on the study, visit WalletHub.com.