The Inland Empire Women’s Business Center and the Coachella Valley Women’s Center conducted a study of their clients to learn more about what helps business owners become employers, creating new jobs for the region. The study also examined the types of jobs provided by micro-businesses and the wages and benefits offered. They discovered that micro-business jobs are often close to home, are flexible to accommodate caregiving and educational pursuits and are a career path.
This report uses the latest publicly available lending data from banks to examine changes in small business credit for June 2017 through June 2019. The data used was collected prior to the 2020 COVID-19 pandemic and provides a precrisis benchmark on the state of small business lending.
Women-owned small businesses have been more heavily impacted by the coronavirus pandemic than male-owned small businesses, and they are less likely to anticipate a strong recovery in the year ahead, new data show. The Special Report on Women-Owned Small Businesses During COVID-19 from the U.S. Chamber of Commerce also found that women-owned small businesses have less optimistic revenue, investment and hiring plans compared to male-owned small businesses.
Each profile focuses on the impact of small businesses in 436 congressional districts. Within, readers can find the congressional district’s total number of small employers and their industry breakout, plus the number of workers employed and payroll expended by small businesses. Additionally, the profiles provide a map showing the total number and distribution of self-employed workers across the district.
The effects of the pandemic on small businesses amid forced closings, modified re-openings, and weakened demand, are well documented. Black businesses experienced the most acute decline, with a 41 percent drop. This brief examines the reasons why Black firms have been almost twice as likely to shutter as small firms overall.
Since March 2020, businesses in the U.S. have been struggling to continue operations in the face of a global pandemic. The COVID-19 pandemic has resulted in a recession because of the widespread closures of non-essential businesses enacted to reduce the spread of the virus. Even as things begin to reopen, people are less likely to go out due to possible health risks. In response, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act which created the Paycheck Protection Program (PPP). The PPP is a lending program that provides money, in a potential grant format, to small businesses to help them weather the economic effects of the pandemic. The majority of the loan needs to be allocated for employee salaries and then the remainder can be used for other business expenses like rent and loan payments. The purpose of this study was to determine whether the disparities in small business lending we have detected prior to the COVID-19 pandemic continued with implementation of the PPP program.
To determine the initial effectiveness of government relief efforts, Gusto analyzed data from nearly 27,000 of our small business customers who reported receiving PPP loans and compared it to platform data from our 100,000-plus small business customers nationwide. The report below shows that PPP aid has helped to provide stabilization from the initial free fall in March ‘20, with strong increases in hiring and rehiring beginning in the second half of April ‘20.
This fact sheet shows that across the United States, businesses owned by Black, Latinx, and Asian people have closed down at an alarming rate during the COVID-19 pandemic. Between February and April of 2020 alone, more than 3 million small businesses closed down across the country. Businesses owned by people of color, women, and immigrants have been most severely harmed, closing down faster than the national average
Self-employed workers in states where businesses are hardest hit by the COVID-19 pandemic are more likely to face economic hardships, according to new findings from the U.S. Census Bureau’s experimental Household and Small Business Pulse surveys.
This report provides a first look at the effect of COVID-19 and the ensuing economic downturn on America’s small businesses. We examine small business changes in cash balances, revenues, and expenses through April 2020 using a de-identified sample of nearly 1.3 million small firms nationwide. This sample is based on the anonymized transactions of deposit accounts and represents both nonemployer and employer firms. The vast majority—over 80 percent—of small businesses are nonemployers, which is reflected in our sample.