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Small Business Credit Survey - 2021 Report on Firms Owned by People of Color

Published by: U.S. Federal Reserve Banks The COVID-19 pandemic has deeply impacted communities of color and small businesses of color, in many cases to a greater extent than their white counterparts. Prior to the pandemic, small businesses owned by people of color, in aggregate, faced greater challenges than white-owned firms. The 2020 Small Business Credit Survey (SBCS) provides evidence that the...

The Impact of COVID-19 on Small Business Owners: The First Three Months After Social-Distancing Restrictions

Published by: Robert W. Fairlie, Ph.D. This paper provides the first analysis of impacts of the pandemic on the number of active small businesses in the United States using nationally representative data from the April 2020 CPS – the first month fully capturing early effects. The number of active business owners in the United States plummeted by 3.3 million or 22 percent over the crucial two-month...