This project will study how disruptions from a systemic event (COVID-19) interacted with financial fragility (credit access, liquidity, and cash-flow management) to determine which small local businesses survived, adapted, or closed, across sectors. Rather than analyzing all forms of systemic risk for large corporations, this research focuses on financial contagion and liquidity shocks during COVID-19, on local businesses in a county, how temporary freezes in demand and credit cascaded through local business networks.