South Carolina's small companies performed far better than the national average during the Covid-19 pandemic, according to a survey conducted by the United States Census Bureau last month. | Unsplash
South Carolina's small companies performed far better than the national average during the Covid-19 pandemic, according to a survey conducted by the United States Census Bureau last month. | Unsplash
South Carolina's small businesses performed better than the national average during the COVID-19 pandemic, according to a survey conducted by the U.S. Census Bureau last month.
The Census Bureau's Small Business Pulse Survey, conducted from June 28 to July 4, assessed how business conditions have changed as a result of the pandemic by collecting data on small business operations and finances, assistance requests and receipts, vaccines, capital expenditures, and recovery expectations.
"Coronavirus isn’t just a danger to Americans’ health," Adam McCann, Financial Writer, wrote in a piece for WalletHub. "It’s also a menace to our wallets. Due to the pandemic, many states still have restrictions on businesses, though the country is gradually reopening more and more as vaccination increases."
According to the Census Bureau's survey, 16.1% of South Carolina small businesses reported experiencing a “large negative effect” due to the COVID-19 crisis.
Nationally, 25.2% of small businesses also reported a “large negative effect.”
"While the federal government has helped mitigate some of this damage through multiple rounds of business loans, direct stimulus payments to individuals and increased unemployment benefits, it will take a long time for state economies to fully recover," the survey stated.
Additionally, 26.2% of small businesses in South Carolina reported seeing "little to no impact" on overall business, which is slightly higher than the national average of 23.7%.
The Census Bureau's study coincided with a WalletHub study conducted by researchers from major U.S. universities, who also concluded that the state was less affected by the COVID-19 pandemic than most others.
A separate WalletHub study also revealed that South Carolina's unemployment rate recovered better than the majority of other states during the COVID-19 pandemic.
According to the study, South Carolina's unemployment rate is currently 4.5%, which is lower than the national average of 5.9%. The national average is still high, the study said, it is substantially lower than the near-historic high of 14.8% in April 2020.
Alerts Sign-up