However, many anticipated problems with accessing the program, such as bureaucratic hassles and difficulties establishing eligibility. Fourth, the majority of businesses planned to seek funding through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Third, many small businesses are financially fragile: The median business with more than $10,000 in monthly expenses had only about 2 wk of cash on hand at the time of the survey. Moreover, businesses had widely varying beliefs about the likely duration of COVID-related disruptions. Second, the risk of closure was negatively associated with the expected length of the crisis. First, mass layoffs and closures had already occurred-just a few weeks into the crisis. To explore the impact of coronavirus disease 2019 (COVID-19) on small businesses, we conducted a survey of more than 5,800 small businesses between March 28 and April 4, 2020.
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