Coronavirus dealt a heavy blow to small businesses in the U.S., as countless businesses were forced by state governments to shut their doors for months on end or have heavy capacity restrictions. Though states are gradually reopening- numerous businesses shut down permanently. But personal finance website, WalletHub reports some businesses have been more resilient than others and that includes some in Michigan.
“This is across the country, we’re seeing that over 100-thousand businesses have shut their doors permanently, in 2020 and beyond, but as we see in Michigan, some businesses are more resilient than others.”
WalletHub analyst, Jill Gonzalez says in their latest report on the States with The Most Pandemic-Proof Small Businesses”, Michigan came in as the 7th. To determine where small businesses have the greatest potential to bounce back after the COVID-19 pandemic, WalletHub compared the 50 states and the District of Columbia across 11 key metrics.
“So, everything from accommodation to food services, travel, tourism, we also look at small business credit conditions and just overall small business friendliness, having to do with taxes and things like that. So not only the impact of the pandemic, but small business financial conditions and access to resources whenever.”
Gonzalez says much of this is good news for our state in terms of how pandemic proof it can be. She says it might not be the best news for people with small businesses.
“But there’s a smaller share of small businesses receiving loans, smaller share of businesses receiving financial assistance from the paycheck protection program and when we look at state’s who’s weekly unemployment claims are recovering the quickest, Michigan is one of them. So, Michigan has been able to make up for some of the unemployment numbers that we saw early on, and it’s because, some of the industries that are there, are not as heavily affected by things like tourism, accommodations, things that are really slow to recover right now.”
You can find the full report on WalletHub.com
