Federal Reserve Banks
First published February 2021
The publication of this report seeks to document the toll the COVID-19 pandemic took on small businesses in 2020. At the time our survey was fielded, six months into the pandemic, closures, layoffs, depressed revenue, and uncertainty continued to plague small businesses across the country. Small business debt mounted and business owners plowed their personal savings into their firms to keep them afloat.
Our survey focuses on firms with between one and 499 employees that were still in business when the survey was fielded; it does not include businesses that are permanently closed.