Answering small business questions amid coronavirus
Small business expert Gene Marks responds to FOX Business’ viewer questions about the Paycheck Protection Program and other small business matters in the midst of coronavirus.
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Small businesses across the country have been significantly impacted by the coronavirus as many states forced “nonessential” businesses to close and instituted shelter-in-place orders.
However, small businesses in some states have been more affected than others, according to a new report.
On Monday, WalletHub published “States with the Most Affected Small Businesses due to Coronavirus,” which ranked all 50 U.S. states and Washington, D.C.
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For the results, the personal finance website analyzed the states based on 12 measurements within three categories: “Impact & Access to Resources,” “Small Business Financial Conditions” and “Business Environment & Workforce Support.”
Some of the 12 measurements within those categories include share of businesses with e-commerce sales activity, business vitality, small business credit conditions, share of small businesses receiving SBA loans, small business friendliness grade and small business policy index.
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Aside from the overall ranking, WalletHub also found that Connecticut has the lowest business vitality and Virginia has the highest business vitality.
It also found that Mississippi had the lowest average annual federal small business funding per GDP, while Massachusetts, New Mexico and New Hampshire tied for the highest.
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Hawaii — which was ranked overall as the state with the most affected small businesses — was also ranked in the top spots for several individual measurements.
To see the top of the overall results, here are the five states with the most affected small businesses and the five states with the least affected small businesses, according to WalletHub.