Report: Ohio, Pa. Small Businesses Least Affected by Virus
YOUNGSTOWN, Ohio – Small businesses in Ohio and Pennsylvania are among the country’s least affected by the COVID-19 pandemic, according to a report by WalletHub.
The credit information website examined 12 factors in three areas: impact and access to resources, small-business financial conditions, and business environment and workforce support. A weighted score was assigned to all metrics.
Lower rankings indicate a less severe impact from COVID-19, the disease caused by the coronavirus.
Pennsylvania ranked 49th on the list of most affected states, while Ohio ranked 48th.
For Ohio, the impact and access to resources was ranked 48 of 51 – Washington, D.C., was included in the report – while financial conditions for small businesses ranked 47th. and the business environment and workforce support conditions ranked 31st.
The Buckeye State has the fourth-lowest share of small businesses operation in high-risk industries and share of small-business employees in such fields. The state also had the third-highest share of businesses receiving loans from the Small Business Administration.
Pennsylvania, meanwhile, ranked 49th in impact and access to resources, 34th in financial conditions and 48th in environment and workforce support.
In a separate survey, WalletHub reported 87% of business owners nationwide said the coronavirus outbreak has hurt their business. Thirty-five percent said their business can survive less than three months in current conditions and 79% said minimizing deaths from COIVD-19 are more important than reopening the economy.
The survey also reported 60% of owners think restrictions put in place in response to the pandemic should remain the same or be relaxed.
Published by The Business Journal, Youngstown, Ohio.