This paper examines the impact of the COVID-19 pandemic on small businesses in the United States, focusing on three key questions: how small businesses adjusted to economic disruptions, how long they expected the crisis to last, and how alternative policy proposals might affect business and employment resilience. A survey of over 5,800 small businesses, conducted between March 28 and April 4, 2020, revealed that many businesses had already closed or reduced operations due to the pandemic. Over 43% of businesses were temporarily closed, with closures primarily attributed to reduced demand and employee health concerns. The median business with monthly expenses over $10,000 had only about two weeks of cash on hand, highlighting the financial fragility of many small businesses. Despite this, the majority of businesses planned to seek funding through the CARES Act, though many anticipated challenges in accessing the program. The survey also found that businesses had varying expectations about the duration of the crisis, with the median business owner expecting the crisis to last into midsummer. However, there was significant variation in these expectations. The length of the crisis played a central role in determining its overall impact, with longer durations leading to more severe job losses. The paper also explores the effects of different policy proposals, such as the CARES Act, on business resilience and employment outcomes. It finds that businesses with more cash on hand were more optimistic about their survival, and that the form of financial assistance (grants vs. loans) may be less important than the speed and ease of access. The results suggest that the pandemic had already caused significant disruptions to small businesses, with many facing financial instability and uncertainty about their future. The paper highlights the importance of policy interventions that can provide timely and accessible financial support to help small businesses weather the crisis. The findings also emphasize the need for clarity and simplicity in the application process for aid programs to ensure high take-up rates. Overall, the study provides valuable insights into the economic impact of the pandemic on small businesses and the role of policy in supporting their resilience and recovery.This paper examines the impact of the COVID-19 pandemic on small businesses in the United States, focusing on three key questions: how small businesses adjusted to economic disruptions, how long they expected the crisis to last, and how alternative policy proposals might affect business and employment resilience. A survey of over 5,800 small businesses, conducted between March 28 and April 4, 2020, revealed that many businesses had already closed or reduced operations due to the pandemic. Over 43% of businesses were temporarily closed, with closures primarily attributed to reduced demand and employee health concerns. The median business with monthly expenses over $10,000 had only about two weeks of cash on hand, highlighting the financial fragility of many small businesses. Despite this, the majority of businesses planned to seek funding through the CARES Act, though many anticipated challenges in accessing the program. The survey also found that businesses had varying expectations about the duration of the crisis, with the median business owner expecting the crisis to last into midsummer. However, there was significant variation in these expectations. The length of the crisis played a central role in determining its overall impact, with longer durations leading to more severe job losses. The paper also explores the effects of different policy proposals, such as the CARES Act, on business resilience and employment outcomes. It finds that businesses with more cash on hand were more optimistic about their survival, and that the form of financial assistance (grants vs. loans) may be less important than the speed and ease of access. The results suggest that the pandemic had already caused significant disruptions to small businesses, with many facing financial instability and uncertainty about their future. The paper highlights the importance of policy interventions that can provide timely and accessible financial support to help small businesses weather the crisis. The findings also emphasize the need for clarity and simplicity in the application process for aid programs to ensure high take-up rates. Overall, the study provides valuable insights into the economic impact of the pandemic on small businesses and the role of policy in supporting their resilience and recovery.