Cortera, a provider of credit data, has launched a useful tracking tool that maps the economic impact of COVID-19 on small businesses in the U.S. The data is drawn from Cortera’s database of some $1.5 trillion in annual spending.
The tool allows users to inspect the economic impact of COVID-19 across a wide range of industries. Displayable metrics include:
— Average monthly spending per company
— Change in average spending (% vs. previous month)
— Payment speed – days beyond terms (DBT)
— Late balances
— Unemployment claims
— Insured unemployment rate
Data can be displayed on a state-by-state basis, or, if the user selects a state, on a county-by-county basis. The data can be filtered using a long list of industries to show the precise impact on local communities.
A press release notes that the tool “provides insight on realities that are top-of-mind for many Americans, such as the ripest industries for employment in their communities, and those at risk for furloughs. For anyone interested in understanding how bad the current situation is – by industry, by company, by geography – and who is faring better than others, the (tool) delivers essential economic nutrition.”
Viewing the data revealed by the tool is a sobering experience. Small businesses generate more than 44 percent of U.S. economic activity, and many are facing unprecedented peril. Cortera’s tool provides a useful — but very scary — look at the pandemic’s economic damage. At the same time, it’s clear that small businesses in certain sectors and geographies have been and will be disrupted much less than others.
Let us hope that tools such as this can serve as guides to assist intelligent government efforts to help small businesses survive this terrible time.