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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.

Mike Allen, author of AM
52 mins ago - Economy & Business

America on borrowed time

Illustration: Aïda Amer/Axios

Economic recovery will not be linear as the world continues to grapple with the uncertainty of the pandemic.

Why it matters: Despite being propped up by an extraordinary amount of fiscal stimulus and support from central banks, the state of the global economy remains fragile.

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.