The Small Business Credit Survey 2022 Report on Employer Firms, issued today by the 12 Federal Reserve Banks, found many small businesses have not recovered to prepandemic levels, with the effects of the pandemic hitting disproportionately hard among firms in the leisure and hospitality sector, smaller firms, and firms owned by people of color. Pandemic-related financial assistance programs were widely used in 2020 and 2021, although use declined in the 12 months prior to the survey. Notably, the firms most susceptible to the negative effects of the pandemic were less likely to receive the financing they need.
Federal Reserve