The COVID‐19 pandemic has disrupted the operations of hospitals nationally. However, little is known about the overall impact of COVID‐19 on the financial performance and condition of Critical Access Hospitals (CAHs). Through an examination of financial indicators of CAHs in the five years before (2015‐19) and during (2020‐21) the COVID‐19 pandemic, this project will provide State Flex Programs with some context to help them interpret financial data in the years affected by the pandemic as compared to pre‐pandemic years.