Millions of small businesses across the country have been greatly affected by the current pandemic. Many either had to shut down or operate at minimum capacity in the last four months.
With many states reopening, these businesses are trying to get back to normal, but with consumer spending down significantly, these businesses are still struggling to make ends meet. Some have found relief in recent months with grants, loans, tax deferrals and eviction and foreclosure moratoriums.
Best Accounting Software has examined each US state’s current small business relief situation and has ranked each state based on the help they’ve given and are continuing to give to small businesses during the pandemic. Scores depend on the number of loans that have been or are still available, the allocation of federal funding and regulations.
Here are the top ten scores, based on those parameters:
- California – 47.33
- Wisconsin – 43.3
- Virginia – 40.11
- Michigan – 37.47
- Illinois – 32.16
- Massachusetts – 32.05
- Texas – 29.94
- Maryland – 29.75
- Oregon – 28.93
- Colorado – 28.37
Best Accounting Software also found that only 26 states have (or have had) a statewide loan available for small businesses, with just 17 introducing grant-based schemes. Idaho, Nevada, West Virginia and Wyoming have no known loans or grants available for small businesses.
The group also compiled a list of over 400 loans available in states and cities across the US at its website. Users can find out their current status, how much has been allocated and what kind of terms are required.