BOSTON (CBS) -- Data from a nonpartisan research organization at Harvard University shows just how hard small businesses were hit by the coronavirus pandemic.
The number of small businesses open in Massachusetts has decreased by 37% since January 15, 2020, when the first case of COVID was discovered in the U.S. Small business revenue has decreased by 44% in the same amount of time.
The hospitality industry was hit particularly hard, according to Opportunity Insights. There was a 64.3% decrease in revenue for small businesses in the industry, which includes restaurants. The number of hospitality businesses open has decreased by 54.6%.
The retail and transportation industry experienced a 36.8% decrease in revenue but revenue for small businesses offering professional and business services decreased by only 4.4%.
Between when Massachusetts Public Schools closed on March 17 and when stimulus payments began on April 17, the number of open small businesses when from a 10.8% decrease since January to a 52% decrease.
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