COVID-19 – Business Impacts

The SBA’s experimental Small Business Pulse Survey (Business Pulse) measures the changes in business conditions on our nation’s small businesses during the coronavirus (COVID-19) pandemic.

To save the economy, policymakers need to know small business 101

Business Pulse complements existing U.S. Census Bureau data collections by providing high-frequency, detailed information on small business-specific initiatives such as the Paycheck Protection Program. Results from the survey could provide useful information to policymakers as they seek to address some of the challenges faced by small businesses. In addition, the information may aid businesses in making decisions and assist researchers studying the impact and responses to COVID-19.

Here are some results from the week of April 26 – May 2, 2020. In general, the results indicate that Florida businesses are performing below the national average, and Tennessee businesses are performing better.

Overall Impact:
Large negative impact: National 51.4%, Florida 52.5%, Tennessee 43.7%
Moderate negative impact: National 38.5%, Florida 38.1%, Tennessee 38.5%
Little or no effect: National 7.6%, Florida 7.8%, Tennessee 9.4%

Change in Revenues:
Increased: National 5.9%, Florida 5.1%, Tennessee 9.3%
No change: National 20.1%, Florida 17.6%, Tennessee 20.1%

Temporary closings in the last weel:
Yes: National 41.4%, Florida 37.3%, Tennessee 35.1%

Change in Employees:
Increased: National 4.2%, Florida 3.2%, Tennessee 5.9%
Decreased: National 27.5%, Florida 26.8%, Tennessee 19.6%
No Change: National 68.2%, Florida 70%, Tennessee 74.4%

Change in Employee Hours:
Decreased: National 51.2%, Florida 53.6%, Tennessee 43.0%

Shifted to Other Goods or Services
Yes: National 6.8%, Florida 8.2%, Tennessee 7.0%

Adopted pickup/delivery/carry out
Yes: National 15.2%, Florida 14.5%, Tennessee 20.5%

Cash on Hand:
1-2 months: National 24.8%, Florida 23.3%, Tennessee 29.2%

Missed Loan Payments:
Yes: National 11.5%, Florida 9.9%, Tennessee 12.5%

Missed other scheduled payments:
Yes: National 23.6%, Florida 23.5%, Tennessee 18.6%

Received Assistance:
Paycheck Protection Program: National 38.1%, Florida 29.1%, Tennessee 44.2%

How Long until return to usual level of operations:
2-3 Months: National 24.1%, Florida 23.9%, Tennessee 35.9%
4-6 Months: National 27.7%, Florida 28.2%, Tennessee 24.4%
More than 6 Months: National 31.4%, Florida 33.8%, Tennessee 24.5%
Business cannot return to usual level: National 6.2%, Florida 4.3%, Tennessee 4.5%
Little or no effect on usual operations: National 6.7%, Florida 5.8%, Tennessee 6.1%

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