The financial picture for small business is challenging, but the misery is not shared equally.
According to the Small Business Association, job creation tanked in the spring, rebounded slightly over the summer, and has been essentially flat this fall for small businesses of all sizes.
On the other hand, the Bureau of Labor Statistics reports that November employment increased in some industries, including professional and business services, confirming that the pandemic is affecting different industries in wildly different manners.
Our survey of 321 employers — all of whom have under 250 employees — was not large enough to report statistically significant differences among industries, but those such as hospitality and others dependent on serving customers in person have clearly been hit hardest by the pandemic.
This dichotomy was apparent in answers about hiring plans for 2021, with a fairly equal split among those who are planning to expand their workforce and those who are planning to make cuts.