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 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

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.