Description
The survey was fielded in September and October 2020, approximately six months after the onset of the pandemic. The timing of the survey is important to the interpretation of the results. At the time of the survey, the Paycheck Protection Program (PPP) 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 in advance of a significant increase in cases by the year’s end.
The 2020 survey findings highlight the magnitude of the pandemic’s impact on small businesses and the challenges they anticipate as they navigate changes in the business environment. The 2020 SBCS finds that few firms avoided the negative impacts of the pandemic. Furthermore, the findings reveal disparities in experiences and outcomes across firm and owner demographics, including race and ethnicity, industry, and firm size. While this report aggregates data on all small employer firms, it includes some details for select demographics. Future publications will explore the impact of the pandemic on different subsets of businesses.
