A Collaboration Among the 12 Reserve Banks of the FEDERAL RESERVE SYSTEM. Learn more

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  • Report on Employer Firms

    Small businesses continue to face significant challenges amid the COVID-19 pandemic, including weak demand, heightened expenses, and limited credit availability. Nearly one-third of firms say they’re unlikely to survive without additional government aid until sales recover.

  • Double Jeopardy: Covid-19’s Concentrated Health and Wealth Effects in Black Communities

    Counties with the highest density of COVID-19 cases are also areas with the highest concentration of Black businesses and networks. Our analysis shows stark PPP coverage gaps in these hardest hit communities.

  • Can Small Firms Weather the Economic Effects of Covid-19?

    We examine how firms are likely to weather the impacts of COVID-19 by unpacking small firms’ financial resiliency. Most firms would need to take significant cost-cutting measures or borrow if faced with sustained revenue loss.



  • Report on Employer Firms

    Fielded in Q3 and Q4 of 2019, the SBCS offers baseline data on the financing and credit positions of small firms before the onset of the crisis.







  • Report on Minority-Owned Firms

    Many minority-owned small businesses faced financial challenges and lagged in key performance indicators for profitability, revenue growth, and employee growth.

  • Report on Nonemployer Firms

    Despite being a key income source for their owners, nonemployer firms face acute profitability and financing challenges.