The 12 Federal Reserve Banks will release the Small Business Credit Survey: Report on Employer Firms at 9:00 AM EDT on Wednesday, February 3.
Fielded in September and October 2020, the Report examines how small business are weathering the pandemic, examining business conditions and the credit environment from the perspective of more than 9,600 small business owners with payroll employees. It assesses the amount of debt held by the firms; owners'expectations for the next 12 months; the disparities between businesses with Black, Latinx, or Asian owners and those owned by whites; and more.
Almost 90 percent of all owners said sales had not returned to pre-pandemic levels; of those firms, roughly one-third said it would be very unlikely or somewhat unlikely that their firms could survive until sales recovered without government assistance. Most firms said they were interested in applying for additional government aid.
Press Call on the Report on Employer Firms:
Authors of the Report will host a background press call on Wednesday, February 3 at 11:00 AM EDT to provide further context on the research. Journalists interested in participating should RSVP to Ellen Simon at ellen.simon@ny.frb.org.
