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Data: JPMorgan Chase Institute; Chart: Axios Visuals

Small businesses are powerful engines of local economies, and they've been hit hard since the onset of COVID-19, according to a JPMorgan Chase Institute analysis of nearly 1.3 million de-identified small firms nationwide.

Why it matters: Cash balances provide liquidity that businesses need to get through a financial shock.

By the numbers: Overall, typical small business cash balances dropped 12.7% after the onset of COVID-19 and declined in every city and across industries.

  • During the second half of April, some balances rebounded, likely due to CARES Act stimulus payments and declines in expenses. But revenues still lagged.
  • By the end of March, the typical small firm saw revenues 50% less than the same period in 2019.

The steep drops seen in Las Vegas, Orlando and New York may be partly due to the sudden disappearance of tourists. In Atlanta, small businesses were already 10% lower than in 2019 before the national emergency declaration.

  • Small businesses in Seattle, Indianapolis, Denver, Phoenix and Chicago saw smaller-than-average cash balance declines.

There are striking disparities: Cash balances for Black-owned firms decreased by 26%, compared to 10% declines for white-owned businesses.

  • Revenues of Asian American-owned firms declined by more than 60%, possibly due to discrimination as well as the concentration in hard-hit industries such as restaurants and personal services.

Go deeper: Small businesses face post-lockdown cash crunch

Go deeper

Updated Sep 21, 2020 - Politics & Policy

Biden has $141 million more on hand than Trump

Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees had $466 million in cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign had $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.

Updated 53 mins ago - World

U.S. threatens to cut aid to Sudan after military takeover

Sudanese Prime Minister Abdallah Hamdok during a 2020 news conference in Khartoum, Sudan. Photo: Mahmoud Hjaj/Anadolu Agency via Getty Images

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were detained Monday in what appears to be a military coup in the country, per local reports.

The latest: The head of the military faction of the Sudanese government, Gen. Abdul Fattah al-Burhan, said in a statement that he is announcing a state of emergency, suspending several parts of the interim constitution and dissolving the civilian government and interim sovereignty council — the highest governing body in the country.