@article{TEXTUAL,
      recid = {9615},
      author = {Bartik, Alexander W. and Bertrand, Marianne and Cullen,  Zoe and Glaeser, Edward L. and Luca, Michael and Stanton,  Christopher},
      title = {The impact of COVID-19 on small business outcomes and  expectations},
      journal = {PNAS},
      address = {2020-07-10},
      number = {TEXTUAL},
      abstract = {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. Several themes emerged. First, mass layoffs and  closures had already occurred—just a few weeks into the  crisis. Second, the risk of closure was negatively  associated with the expected length of the crisis.  Moreover, businesses had widely varying beliefs about the  likely duration of COVID-related disruptions. 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.  Fourth, the majority of businesses planned to seek funding  through the Coronavirus Aid, Relief, and Economic Security  (CARES) Act. However, many anticipated problems with  accessing the program, such as bureaucratic hassles and  difficulties establishing eligibility. Using experimental  variation, we also assess take-up rates and business  resilience effects for loans relative to grants-based  programs. © 2020 National Academy of Sciences. All rights  reserved.},
      url = {http://knowledge.uchicago.edu/record/9615},
}