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 Pennsylvania 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 384 Pennsylvania small businesses that responded made progress since the onset of the pandemic, over half of firms reported that 2021 financial conditions were either poor or fair. In addition, roughly two-thirds said revenues were lower compared with pre-pandemic levels, and fewer applied for emergency funding.

Top Financial Challenges (N=383): 61% Paying operating expenses, 57% Weak sales, 55% Uneven cash flow