The Covid-19 pandemic could mean the end of countless small businesses across the U.S., including in Tampa Bay.
A recent report from LendingTree found that 26.5% of small business owners in the Tampa metro area do not have enough cash reserves to last a month. Almost two-thirds, 59.5%, said their cash reserves could last them a month. The remaining 14.1% were uncertain on how long their cash reserves would last them.
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Compared to other large American metros, Tampa ranked well coming in at No. 45 out of 50. The rankings are based on the percentage of businesses that do not have enough cash reserves to last a month with No.1 having the highest percentage and No. 50 the lowest.
Miami, at No. 5, had 35.7 percent of small businesses expecting to last less than a month. Orlando at No. 10 had 32.7 percent of small businesses expecting to close within a month. Jacksonville at No. 23 had 30.1 percent of small businesses expecting to close within a month.
Small businesses in Portland, Detroit and Austin had the most money on hand. Businesses in Hartford, St. Louis and Pittsburgh had the least money on hand.
The cash reserve data is based on the Census Bureau’s Small Business Pulse Survey. The survey covers the period from June 20 to June 27.
Businesses in Tampa Bay do have some options. Tampa has started the third round of its One Tampa Relief fund and Hillsborough County's Rapid Response Recovery Program started its second phase. Every county in the Bay area has also received Coronavirus Aid, Relief and Economic Security Act money, which is being used to help those affected by the pandemic.
