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The impact of COVID-19 on small business outcomes and expectations


According to another study conducted by the Proceedings of the National Academy of Science (PNAS), "the impact of COVID-19 on small business outcomes and expectations" was significant. Several themes emerged after the start of the COVID-19, which is considered to have had a high impact.



5,843 responses were obtained from U.S.-based businesses in this study.

First, several mass layoffs and closures occurred just weeks into the crisis.

Secondly, the risk of closure was negatively associated with the expected length of the crisis. Moreover, companies had widely varying beliefs as to how long they would be affected by COVID disruptions.


Third, many small businesses operate on limited financial resources: The median business with more than $10,000 in monthly expenses had only about two weeks' worth of operating capital at the time of the survey.

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