States with the Most Affected Businesses and Unemployment Due to Coronavirus - Sun and Planets Spirituality AYINRIN

States with the Most Affected Businesses and Unemployment Due to Coronavirus - Sun and Planets Spirituality AYINRIN 

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Unemployment numbers updated with the most current data available on 4/23/20.

We all know that the coronavirus crisis has significantly affected the U.S. economy with many small businesses shutting their doors and even more people unemployed. But which states are seeing the biggest impacts to unemployment and small businesses? WalletHub conducted research to find out, and we’re sharing the results below.

States with the Most Affected Small Businesses Due to Coronavirus

A team at WalletHub researched all 50 states and the District of Columbia and compared them based on 12 key metrics. Each state was ranked in three areas: impact and access to resources, small business financial conditions, and business environment and workforce support conditions. Those scores were put together to come up with a total score for each state.

Based on the data, the states with the most affected small businesses due to coronavirus in April 2020 are:

1. Hawaii
2. Nevada
3. South Dakota
4. Mississippi
5. South Carolina
6. Louisiana
7. Arizona
8. Nebraska
9. North Carolina
10. North Dakota
11. West Virginia
12. Georgia
13. Kentucky
14. Tennessee
15. Montana
16. Florida
17. Idaho

18. Wyoming
19. Maine
20. New Mexico
21. New Hampshire
22. Arkansas
23. Kansas
24. Washington
25. Vermont
26. Virginia
27. Alabama
28. Michigan
29. Delaware
30. New York
31. Iowa
32. Alaska
33. Indiana
34. Oklahoma

35. Utah
36. California
37. Rhode Island
38. Colorado
39. Texas
40. Maryland
41. Missouri
42. Oregon
43. New Jersey
44. Minnesota
45. Illinois
46. Connecticut
47. Wisconsin
48. Ohio
49. Pennsylvania
50. Massachusetts
51. District of Columbia

In a separate small business owner survey, WalletHub discovered that small businesses are not getting the help they need. The survey found:

• 87% of small businesses are hurting due to the COVID-19 crisis.
• 35% of small businesses can survive for less than three months in current conditions.
• 65% of small businesses can survive for less than six months in current conditions.
•  76% of small businesses can survive for less than 12 months in current conditions.
• 68% of small business owners do not believe the federal government is doing enough to help them.
• 56% of small business owners believe the federal government is doing too much to help big businesses.
• 67% of small businesses have laid off employees as a result of COVID-19.
• 64% of small businesses plan to lay off employees in the future as a result of COVID-19.
• 65% of small businesses have furloughed employees as a result of COVID-19.
• 63% of small business owners will seek funds from the federal government’s coronavirus relief package.

The numbers are grim and the future remains very uncertain for small businesses across the country.

States with the Most Affected Unemployment Due to Coronavirus

WalletHub conducted research to analyze unemployment claim rates across all 50 states and the District of Columbia through the week of April 13, 2020 compared to the same time in 2019. Of course, unemployment numbers have surged even higher throughout April 2020 and many people still can’t submit unemployment claims because states’ systems aren’t working effectively (e.g., Florida), but the data from the research report is still eye-opening.

Based on the data, the states most affected by the coronavirus in terms of unemployment claim increases compared to the same time last year (as of the week of April 13, 2020) are:

1. New Hampshire
2. Louisiana
3. Georgia
4. Kentucky
5. North Carolina
6. Virginia
7. Michigan
8. Indiana
9. North Dakota
10. Florida
11. South Dakota
12. South Carolina
13. Mississippi
14. Colorado
15. Ohio
16. Minnesota
17. Delaware

18. District of Columbia
19. Nevada
20. Hawaii
21. Maine
22. Alabama
23. Nebraska
24. Tennessee
25. Kansas
26. Missouri
27. Pennsylvania
28. New Mexico
29. Maryland
30. Oklahoma
31. West Verginia
32. Iowa
33. Washington
34. Utah

35. Massachusetts
36. New York
37. Montana
38. Idaho
39. Rhode Island
40. New Jersey
41. Texas
42. Arkansas
43. Illinois
44. California
45. Vermont
46. Wisconsin
47. Wyoming
48. Alaska
49. Connecticut
50. Oregon

The report points out that between the week of March 16, 2020 and the week of April 13, 2020, 22.7 million unemployment claims were filed across the U.S. That means the number of job losses due to coronavirus in those five weeks was more than 2.5x larger than the total job losses during the Great Recession. The gap is even larger today with millions more people filing unemployment claims (and still trying to file them) as the weeks continue to pass with the economy closed.

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