New research finds best states for supporting small business amid coronavirus pandemic
Millions of small businesses across the country have been hit hard by the current pandemic. Many have had to shut down or operate at minimum capacity over the past four months.
With many states reopening, these businesses are trying to get back to normal, but with consumer spending falling significantly, these businesses are still struggling to make ends meet. Some have found relief in recent months with grants, loans, tax deferrals and moratoriums on evictions and foreclosures.
Best accounting software examined the current state of small business assistance in each U.S. state and ranked each state based on the assistance it has provided and continues to provide to small businesses during the pandemic. Scores depend on the number of loans that have been or are still available, the allocation of federal funding, and regulations.
Here are the top ten scores, based on those metrics:
- California – 47.33
- Wisconsin – 43.3
- Virginia – 40.11
- Michigan – 37.47
- Illinois – 32.16
- Massachusetts – 32.05
- Texas – 29.94
- Maryland – 29.75
- Oregon – 28.93
- Colorado – 28.37
Best Accounting Software also found that only 26 states have (or have had) a statewide loan available for small businesses, with only 17 introducing grant-based programs. Idaho, Nevada, West Virginia, and Wyoming do not have any known loans or grants available for small businesses.
The group also compiled a list of more than 400 loans available in states and cities of the United States at its website. Users can know their current status, how much has been allocated and what types of conditions are required.