A brief uses data from the Fed’s Small Business Credit Survey: 2022 Report on Employer Firms to paint a picture of business conditions in New Jersey roughly two years into the COVID-19 pandemic. The short, graphic report illustrates what firms said about their overall conditions, financing needs, and their top challenges, and makes comparisons with both pre-pandemic and 2020 conditions.

Small Businesses Conditions Amid the Ongoing COVID-19 Pandemic

While some of the 1,350 New Jersey small businesses that responded made progress since the onset of the pandemic, most firms reported that 2021 financial conditions were either poor or fair. In addition, nearly three-quarters said revenues were lower compared with pre-pandemic levels, and fewer applied for emergency funding.

Top Financial Challenges {N=1,342): 74% Paying operating expenses, 69% Weak sales, 62% Uneven cash flow