The Effects Of The COVID-19 Pandemic On Small Businesses

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The Effects Of The COVID-19 Pandemic On

Small Businesses

In March 2020, the COVID-19 pandemic hit the United States, causing illness, death, and widespread economic devastation. A new issue brief from the Office of Advocacy, “The Effects of the COVID-19 Pandemic on Small Businesses,” examines the effects of COVID-19 on small businesses using the first sets of available economic data. The economic impact of the pandemic varied from place to place, with metropolitan and coastal areas hardest hit. Additionally, some industries suffered more than others, with the largest declines in restaurant and taxi and limousine services. Disproportionate metropolitan impacts contributed to differences across demographic categories, with Black and Asian business owners suffering the most.