COVID-19 has had a major impact on U.S. small businesses, especially “Main Street” establishments such as restaurants and retail stores. At the onset of the COVID-19 pandemic in February 2020, SCORE began reaching out to small business owners, in order to document the impact of the pandemic, and the resilience of both start-ups and established businesses.
“The Megaphone of Main Street: The Impact of Covid-19” data report delves into how the pandemic has affected U.S. small businesses.
The report specifically looks at Black and Hispanic owned businesses, using both qualitative and quantitative data directly from a diverse group of roughly 3,500 small business owners across the nation.
Recent research shows that although COVID-19 has affected all businesses in a major way, Black and Hispanic business owners have struggled the most. A recent study by the Bureau of Economic Research documents a general decline of 22.0% in active business ownership between February and April 2020, with a greater decrease of 32.0% in active Hispanic business ownership, and almost twice the decrease among Black business owners (41.0%).
This original research study explores the three main impact areas for small business owners affected by COVID-19:
- Impact on Business, Owners and Employees
- Impact of Resources and Support
- Impact on Expectations and Outlook
The small businesses included in this research represent many industries and geographical locations, while the small business owners themselves represent diverse demographic backgrounds including age, gender and race/ethnicity.
SCORE conducted this research via an online survey administered to its small business clients in August 2020. All respondents successfully passed screening questions identifying themselves as new or established small business owners who agreed to reflect on how COVID-19 has had an impact on their business, as well as their outlook for the future of their business.