Revealed: business horrors of the first six months of the pandemic

A look back at what the first six months of the pandemic did the business community, while in some ways not surprising, reveals several startling examples of how destructive the crisis was.

The details come from the 2021 Small Business Credit Survey, a collaboration from all 12 Federal Reserve Banks. The survey queried more than 15,000 small business owners and entrepreneurs, focusing on business performance and credit conditions. “The timing of the survey is important to the interpretation of the results,” the survey states. “At the time of the survey PPP loans authorized by the CARES Act had recently closed, and prospects for additional stimulus funding were uncertain. Additionally, many government-mandated business closures had been lifted as the number of new COVID-19 cases plateaued…”