COVID-19
The COVID-19 pandemic had far-reaching impact on small businesses across the United States. With supply chain interruptions, drops in consumer spending, and new health and safety guidelines, businesses were forced to quickly adapt to a novel situation. The 2020 Small Business Credit Survey (SBCS) found that over three quarters of employer firms reported a decline in revenues, compared to less than a quarter of firms in the two previous years. Almost 8 in 10 small business owners said that the pandemic had a negative effect on their firms, with those in the leisure and hospitality industry reporting the most significant negative impact.
The COVID-19 pandemic had far-reaching impact on small businesses across the United States. With supply chain interruptions, drops in consumer spending, and new health and safety guidelines, businesses were forced to quickly adapt to a novel situation. The 2020 Small Business Credit Survey (SBCS) found that over three quarters of employer firms reported a decline in revenues, compared to less than a quarter of firms in the two previous years. Almost 8 in 10 small business owners said that the pandemic had a negative effect on their firms, with those in the leisure and hospitality industry reporting the most significant negative impact.