Understanding Small Business Changes During the Coronavirus Pandemic
Small business owners should be aware of the different variables that make up these statistics.
The United States Census Bureau conducts detailed research on the effects of the Coronavirus Pandemic when it comes to small businesses all over the nation. This research effort is known as The Small Business Pulse Survey (SBPS). This research aims to gain valuable data to illustrate the various challenges being faced by small businesses. Understanding how the pandemic has shifted certain aspects of running a small business will help set you up in the best way to recover and sustain from any setbacks you might encounter. Business owners and employees alike would benefit from the information readily available from the Census Bureau. All types of businesses faced hardships at the height of the pandemic. Nail salons, movie theaters, markets, medical offices, daycare centers, gyms, and more saw their doors close for at least a temporary period. Some small businesses had to close permanently after experiencing losses they were unable to recover from. Of all the industries affected by the Coronavirus Pandemic, accommodation and food services experienced the greatest impact, according to The Small Business Pulse Survey data. From the beginning stages of Covid-19 in 2020 all the way up to last month in 2022, accommodation and food services business risks remained higher than other industries, even if the numbers did see an improvement over time. What does “Accommodation and Food Services” include? According to the U.S. Bureau of Labor Statistics, Accommodation and Food Services includes, “establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption. The sector includes both accommodation and food services establishments because the two activities are often combined at the same establishment.” Within this broad category, there are two subsections, “accommodation” and “food services and drinking places.” Accommodation Any business that provides short-term stays or lodging services is generally classified under the accommodation industry. The U.S. Bureau of Labor Statistics confirms that accommodations are broken up into three clear categories:- Traveler Accommodation
- Recreational Vehicle (RV) Parks and Recreation
- Rooming and Boarding Houses
- Full-service restaurants with waitstaff
- Limited-service restaurants that may have seating available
- Snacks and beverages sold from a counter only
- Places that serve alcoholic beverages (whether they are required to sell food might depend on your state or local restrictions)
- Mobile food services—like food trucks and carts
- Food service contractors—like catering companies.
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