- 99.9% of all US companies are qualified as SMEs and employ a combined 47.3% of the US private workforce.
- They were one of the hardest sectors of the pandemic.
- Compared to January 2020, 34% of SMEs are closed.
- San Francisco is one of the most affected metropolitan areas, with a 48% SME closure rate.
- This can exacerbate the “K-shaped” recovery.
You can find a high resolution version of this map Here..
In the business news cycle, headlines are often dominated by large corporations, macroeconomic news, or government actions.
Moms and pop may not always be the focus, but collectively SMEs are a powerful and influential part of the economy. actually, 99.9% Of all US companies, they are qualified as SMEs and employ nearly half (47.3%) of the US private workforce in bulk.
Unfortunately, they were also one of the most devastated sectors of the economy in the pandemic. From CARES method to new one Budget planBillions of dollars have been allocated to help small businesses recover.
Recovery of SMEs in 50 metropolitan areas
During the pandemic, many small businesses struggled to quickly pivot or float to survive.This map gets data from Opportunity insight Investigate the recovery rate of small businesses in 50 metropolitan areas across the United States.
So has the situation improved since last time? I examined this data?? The simple answer is no — nationwide, 34% Compared to January 2020, the proportion of SMEs has been closed.
San Francisco Is one of the most affected metropolitan areas, with a SME closure rate of 48%. New York City It has been the most spiral since the end of September 2020.
Conversely, Honolulu The most improvement was seen. The number of trips and tourism to Hawaii has been steadily increasing due to the lifting of national restrictions, and the number of open businesses has increased by 16pp compared to September 2020.
Road to K-shaped recovery
As of April 25, 2021, almost 42% At least the US population Single dose Of the COVID-19 vaccine. However, this rapid vaccine deployment does not mean that different segments of the economy are recovering at the same pace.
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For example, with professional services Leisure and hospitality sector. SME revenues in both segments have not yet returned to pre-pandemic levels, but the latter is far catching up with what to do.
This non-uniform phenomenon is known as K-shaped recovery, Some industries see more improvement compared to others that are stagnant in the aftermath of the recession.
Despite these ongoing difficulties, many Americans do not seem to discourage their start. Own business..
Many small businesses require an employer identification number (EINThis makes the EIN application a good proxy for business-building activities. Despite the first dip in the early months of the pandemic Dramatic spikes With EIN business applications.
Even in the face of a pandemic, the patience of such indicators is Innovative The American spirit is unwavering and spells out a better day to come for the recovery of small businesses.
How did the pandemic affect American SMEs?
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