By Mike Sunnucks | Rose Law Group Reporter
Arizona ranks 7th among U.S. states for the impact the COVID-19 pandemic is having on small businesses. Arizona also ranks 12th among U.S. states for jumps in new unemployment insurance claims, according to research compiled by financial research firm Wallet Hub.
The finance firm looked at how the Coronavirus is adversely impacting small businesses across U.S. states and the District of Columbia. The rankings look at small business exposure to industries impacted and threatened by the pandemic such as tourism as well as financial resources available to small businesses in each state.
Tourism heavy Hawaii and Nevada had the most small business impacted and vulnerable to the virus and its economic fallout.
Arizona ranks as having the 7th most small business impact, according to WalletHub.
Arizona has a significant tourism industry including the Grand Canyon, Sedona and Scottsdale. Scores of restaurants, bars and event planners have been hit by COVID-19 which cancelled the Spring Training baseball games and other events.
The District of Columbia and Massachusetts have small businesses impacted the least, according to Wallet Hub. California ranks 36th in terms of small business impact. Texas ranks 39th, Florida 16th and New York 30th. New York has been the epicenter of Coronavirus cases and deaths in the U.S.
The pandemic is has resulted in 16.8 million new unemployment claims nationwide between March 15th and April 4th, according to the Economic Policy Institute. To put that in perspective, there have been 22.7 million jobs created since the Great Recession, according to Wallet Hub.
Layoffs, furlough and other jobs cuts since COVID-19 grinded the economy to a halt have resulted in a 2,528.5 percent increase in unemployment claims in Arizona compared to a year ago. Jobless claims are up 4,120.6 percent compared to January in Arizona.
The Economic Policy Institute looked at the increases in new jobless claims across the U.S.
Arizona has had 238,748 more unemployment claims than last year. California has 2.1 million additional claims, according to EPI. Louisiana, New Hampshire and Virginia have had the biggest percentage increases in unemployment claims, according to WalletHub. You can see the full report here.