South Dakota Near Bottom of States in Need of COVID-19 Financial Help
Very few of us have been untouched financially by the Coronavirus (COVID-19) outbreak, but overall South Dakota is way down on the list of states that need help digging out of the fallout from this pandemic.
According to the latest figures released by the personal-finance website WalletHub in their story, States That Need the Most Financial Help Due to COVID-19, the Mount Rushmore State is third from the bottom on the list of places in America in need of assistance.
The site weighed 18 key metrics including the state’s rainy-day funds and debt per capita, to the share of the workforce in highly-affected industries.
South Dakota graded out higher than any other state in preparedness for severe recession and benefitted greatly from having a small share of its gross domestic product generated by what WalletHub designates as 'highly affected industries', like tourism, sports, and entertainment.
In the other key categories, South Dakota ranked 23rd in state and local debt per capita, 28th in state rainy-day funds per capita, and 37th in unfunded pension liabilities.
Top Ten States That Need Least COVID-19 Financial Help (WalletHub)
- South Dakota
Top Ten States That Need Most COVID-19 Financial Help (WalletHub)
- New Hampshire
- New York
- New Jersey
- South Carolina
Since the pandemic began, more than 50,000 South Dakotans have filed for unemployment and more than $16 million in state and federal unemployment compensation has been paid out.
The state ranks in the bottom ten of those looking online for loans during the COVID-19 outbreak.