This is a very interesting paper using detailed ADP employment data. Overall it confirms what we know: dramatic decline in employment, low wage workers and SMBs hit hardest.
bfi.uchicago.edu/wp-content/upl…
bfi.uchicago.edu/wp-content/upl…
Change in employment by wages shows how unequal the distribution of job losses has been. 
It was clear that SMBs would be hit hardest. Can see the distribution of job losses heavily skewed towards smaller firms.
What's concerning is the rate of business exits that ADP appears to be seeing:
"In particular, an alarming 40 percent of lost active employment and 16 percent of lost paid employment (up through April 18th) were due to business exit."
"In particular, an alarming 40 percent of lost active employment and 16 percent of lost paid employment (up through April 18th) were due to business exit."
SMBs shutting down:
"It is evident that the exit margin has played a very large role in overall employment declines for small businesses, and less of a role for larger units. Indeed, more than half of the employment losses at businesses under 20 workers were due to exit"
"It is evident that the exit margin has played a very large role in overall employment declines for small businesses, and less of a role for larger units. Indeed, more than half of the employment losses at businesses under 20 workers were due to exit"
