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• W3191000064 abstract "The COVID-19 pandemic has led to an explosion of research using real-time establishment-level data. One key challenge when working with this data is how to take into account the effects of business openings and closings. In this paper, we address this challenge by matching small business establishment records from Homebase with information on business activity from Google, Facebook, and Safegraph to distinguish business closings and openings from other sample exits and entry. We show that this distinction is critical to benchmark the data to pre-pandemic administrative records and estimate the effects of the pandemic on small business activity. We find four key results: (1) employment of small businesses in four of the hardest hit service sectors contracted more severely in the beginning of the pandemic than employment of larger businesses, but small businesses also rebounded more strongly and have on average recovered a higher share of job losses than larger businesses; (2) closings account for 70% of the initial decline in small business employment, but two thirds of closed businesses have reopened and the annual rate of closings is just slightly higher than prior to the pandemic; (3) new openings of small businesses constitute an important driver of the recovery but the annual rate of new openings is only about half the rate one year earlier (4) small business employment was affected less negatively in counties with early access to loans from the Paycheck Protection Program (PPP) and in counties where Federal Pandemic Unemployment Compensation (FPUC) was more generous relative to pre-pandemic earnings of likely recipients, with business closings accounting for a large part of these two effects. The results dispel the popular notion that small businesses continue to suffer more from the pandemic than larger businesses. At the same time, our analysis suggests that PPP and FPUC helped to signifocantly mitigate the negative effects of the pandemic for small businesses by, respectively, alleviating financial constraints and stimulating demand for local services. La pandemie de COVID-19 a donne lieu a une explosion des recherches utilisant des donnees en temps reel au niveau des etablissements. L'un des principaux defis a relever lorsqu'on travaille avec ces donnees est de prendre en compte les effets des ouvertures et des fermetures d'entreprises. Dans cet article, nous relevons ce defi en faisant correspondre les enregistrements des etablissements de petites entreprises de Homebase avec les informations sur l'activite commerciale de Google, Facebook et Safegraph afin de distinguer les fermetures et ouvertures d'entreprises des autres sorties et entrees de l'echantillon. Nous montrons que cette distinction est essentielle pour comparer les donnees aux dossiers administratifs pre-pandemie et estimer les effets de la pandemie sur l'activite des petites entreprises. Nous trouvons quatre resultats cles : (1) l'emploi des petites entreprises dans quatre des secteurs de services les plus durement touches s'est contracte plus severement au debut de la pandemie que l'emploi des grandes entreprises, mais les petites entreprises ont egalement rebondi plus fortement et ont en moyenne recupere une part plus importante des pertes d'emploi que les grandes entreprises ; (2) les fermetures representent 70 % de la baisse initiale de l'emploi des petites entreprises, mais deux tiers des entreprises fermees ont rouvert et le taux annuel de fermetures est a peine plus eleve qu'avant la pandemie ; (3) les nouvelles ouvertures de petites entreprises constituent un moteur important de la reprise, mais le taux annuel de nouvelles ouvertures n'est que la moitie environ du taux enregistre un an plus tot (4) l'emploi des petites entreprises a ete moins affecte dans les comtes qui ont eu acces rapidement aux prets du Programme de protection des salaires (PPP) et dans les comtes ou l'indemnisation federale du chomage en cas de pandemie (FPUC) a ete plus genereuse par rapport aux revenus des beneficiaires probables avant la pandemie, les fermetures d'entreprises expliquant une grande partie de ces deux effets. Les resultats refutent la notion populaire selon laquelle les petites entreprises continuent de souffrir davantage de la pandemie que les grandes entreprises. Dans le meme temps, notre analyse suggere que le PPP et le FPUC ont contribue a attenuer de maniere significative les effets negatifs de la pandemie pour les petites entreprises, respectivement en allegeant les contraintes financieres et en stimulant la demande de services locaux." @default.
• W3191000064 created "2021-08-16" @default.
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• W3191000064 date "2021-01-01" @default.
• W3191000064 modified "2023-09-27" @default.
• W3191000064 title "The Impact of COVID-19 on Small Business Dynamics and Employment: Real-time Estimates With Homebase Data (preprint)" @default.
• W3191000064 hasPublicationYear "2021" @default.
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