The Evolving Impacts of COVID-19 on Small Businesses Since the CARES Act
Analyzing survey data from over 8,000 small businesses across the country, researchers tracked the reported experience of small businesses early in the COVID-19 pandemic with data points such as ﬁrm size, layoﬀs, beliefs about the future prospects of their businesses, as well as awareness of existing government relief programs. Among other findings, they concluded that a major factor negatively impacting small businesses' use of the CARES Act was lack of information: the smallest businesses were least aware of aid available through the CARES Act and may have missed out on Paycheck Protection Program funds as a result.
Abstract and Citation
Humphries, John Eric and Neilson, Christopher and Ulyssea, Gabriel, The Evolving Impacts of COVID-19 on Small Businesses Since the CARES Act (April 26, 2020). Cowles Foundation Discussion Paper No. 2230, NYU Stern School of Business, Available at SSRN: https://ssrn.com/abstract=3584745 or http://dx.doi.org/10.2139/ssrn.3584745