Small Businesses and COVID-19

With an increase in economic volatility and instability due to the COVID-19 pandemic, small businesses faced some of the largest financial challenges in recent history. The WFSI team is conducting a survey of 350 small business owners (SBOs) in customer-facing (e.g., food services, childcare) industries which have experienced revenue decreases and missed loan payments above the national average to:

• Assess SBOs’ awareness and use of various financial supports like Payroll Protection Program loans and Employee Retention Credit.
• Ask SBOs to describe their business survival strategies during the pandemic.
• Gauge SBO opinions about government responses, and
• Assess how small business employees were affected financially by the pandemic.

This research is funded by JP Morgan Chase and is currently in progress with an estimated completion of mid-2022.