Impact of COVID-19 on Small Business Owners: Continued Losses and the Partial Rebound in May 2020 [open pdf - 168KB]
From the Abstract: "Social distancing restrictions and demand shifts from COVID-19 [coronavirus disease 2019] shuttered many small businesses and entrepreneurs in the first month of widespread shelter-in-place restrictions. Fairlie (2020) finds that 22 percent of small business owners were inactive in April 2020 with disproportionate impacts on African-American, Latinx, immigrant, and female business owners. What happened in the second month of social distancing restrictions? Were there further closures or a rebound? This paper provides the first analysis of impacts of the pandemic on the number of active small businesses in the United States using nationally representative data from the May 2020 CPS [Current Population Survey]- the second month capturing effects from mandated restrictions."
NBER Working Paper No. 27462; National Bureau of Economic Research Working Paper No. 27462
2020 Robert W. Fairlie. Posted here with permission. Documents are for personal use only and not for commercial profit.
National Bureau of Economic Research: https://www.nber.org/