The Small Business Credit Survey is a national sample of small businesses, or firms with fewer than 500 employees, aimed at providing insight into firms' financing and debt needs and experiences. Analysis of this data set is issued through a series of reports.
This brief summarizes small business conditions in New Jersey between 2019 and 2020 using 2021 Small Business Credit Survey: Report on Employer Firms data. Three key topics are explored.
- Employer firm performance and challenges
- Information about emergency funding
- Expected challenges in the next 12 months
Impact of COVID-19 on Small Businesses
New Jersey small businesses experienced changes in revenue due to policies implemented as a result of COVID-19. Because of government mandates, some businesses had to close, reduce operations, or maintain operations with modifications, whereas others did not face a significant impact or were able to expand operations. Of the 849 small businesses that responded, approximately: