1. Note: This brief has been updated since its initial release to reflect a change in the Small Business Credit Survey 2020 weighting scheme, which now more accurately reflects methods used in prior vintages of the data set. For more information, please reference the data appendix for the SBCS 2021 Report on Employer Firms at www.fedsmallbusiness.org/survey.

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 the Third District between 2019 and 2020 using Small Business Credit Survey: 2021 Report on Employer Firms. 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

The COVID-19 pandemic prompted an increase in safety protocols such as curfews, social distancing measures, and even lockdowns of business and residential activity that have constrained economic activity.

Similar analysis was conducted for New Jersey and Pennsylvania.

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