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Research Publications > Reports > COVID-19’s Economic Impacts

Abstract

The economic effects of the COVID-19 pandemic on small business ecosystems will be unprecedented. Our analysis highlights the extent of the impact on small (employing 1-19) and medium-sized (employing 20-99) businesses in North Carolina. We estimate 141,877 smaller businesses and 1.38 million jobs across the state are in high-risk industry sectors like food service and retail. An input-output model illustrates each how each closure or layoff by small businesses results in a substantial loss of earnings, jobs, and tax revenues. Innovative policy solutions are required to aid small business entrepreneurs. We recommend an evidence-based mix of short-term cash grants and long-term low-interest financing with partial loan forgiveness.

Why This Matters

Main Street businesses are the cornerstone of regional economic systems. Without innovative policy solutions, many number of small and medium-sized businesses will close. This report and brief highlights the short and long-term impacts for North Carolina’s economy.

Suggested Citation

McCall, Jamie. 2020. “Assessing the Economic Impacts of COVID-19 on North Carolina’s Small Business Community.” Carolina Small Business Development Fund. Raleigh, NC. https://doi.org/10.46712/covid19.economic.impacts.

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