Can small businesses in Hawaii really survive the Coronavirus?

Juergen Steinmetz
Hawaii is dependent on the travel and tourism industry. Currently, 92.3% of all small businesses  in the Aloha State are in danger of not surviving the coronavirus crisis. Unemployment in Hawaii jumped from almost nothing to the highest in the nation within 2 months. It’s unclear how much more public assistance is available and for how long.
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The North Shore Chamber of Commerce just on Friday appealed to Governor Ige to allow their restaurants and retail businesses to reopen. Rural Oahu, like the famous Haleiwa, North Shore Oahu has a prominent small business community.
Everything is no longer all great in America. Hawai is among the top 10 most-impacted U.S. States with more than 90% of small businesses on the brink of collapse due to the Coronavirus epidemic reflect swings this week.
The saddest US States for small business owners are :
  • Montana (97%)
  • District of Columbia (94.7%)
  • Minnesota (93%)
  • Hawaii (92.3%)
  • Louisiana (92.3%)
  • Oregon (92%)
  • Arkansas (91.1%)
  • Kentucky (91.1%)
  • New Jersey (91%)
  • Idaho (90.8%)
Here are some answers from a survey done by alignable.
  • 340K small business owners to date have weighed in. Amazing participation, let’s keep that momentum going.
  • “Impact on the decline” appeared on the Impact Over Time Chart for the first time! About 4% of small business owners in 31 states & 6 provinces signaled this trend.
  • Other States & Provinces are way UP or way DOWN: 40 states & the District of Columbia also reported overall increases in impact. And 10 had steep decreases. It’s like riding a see-saw.
  • The overall impact is still high, remaining around 85%.
  • CARES ACT LOAN UPDATE — A bit better.

    • 38.8% didn’t apply
    • 30.2% applied, haven’t heard back
    • 9.8% tried to apply, unable to submit
    • 4.4% were denied
    • 5.2% were approved, but haven’t received funds
    • Only 11.6% were approved & have cash (up from 8%)
  • Lacking funds, 34% of small businesses can’t pay May rent

Still At 85% Impact, But Declines Debut On The Map!

Pressure Eases In Some States, Elevates In Others

 

The biggest increases in impact were seen in Arkansas (up 16%), Montana (up 11.5%), DC (up 10%), and Idaho (up 9/7%).

Meanwhile, several states fell out of that Top 10 ranking, showing hopeful declines in impact:

  • Alaska held the top spot for weeks, yet is now out of the Top 10, reporting a drastic -15% decline in impact, landing in the bottom 5 states this week, with an impact score of 80%.
  • Other states with dramatic drops, include Rhode Island (-16%) down to 75.9% & Delaware (-15%) settling at 76.9%.
  • States with more moderate declines were: New York (-3%) now hovering at 90%, Michigan (-3%) down to 89.1%, Vermont (-4%) now at 88.7%, and Massachusetts (-5%) landing at 87.8%.

 

In Canada, Some Provinces Are Lighter & Brighter

  • Manitoba, Saskatchewan & New Brunswick had major declines in impact, from -8.7% to -17%.  Even Ontario, which was No. 1 at 91% last week, was knocked out of the Top 3 Most-Impacted Provinces and is now at 86%.
  • Nova Scotia, unfortunately, jumped to nearly 100% of businesses being affected. Quebec remains high at 88.2%, as does Alberta at 87.05%.

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