from the New York Fed
The economic toll of COVID-19 on America s small businesses is acute and ongoing. Uncertainty related to public health protocols, consumer demand, technology adoption, supply chains, and government relief programs has upended the operating environment for small firms that frequently lived on the financial margins even before the pandemic.[ 1]
This is especially true for small firms owned by people 45 and older, which saw significant closures in spring 2020 and whose numbers remain well below pre-pandemic levels. Among people of color, the drop was even more stark.[ 2]
Business ownership has the potential to be a financial bulwark, especially for business owners of color.[3] Age 45+ business owners entered the pandemic with much stronger financial cushions than similar age employees and business owners under the age of 45. However, our analysis of survey data for small employer firms [4] collected in late 2020 and detailed interviews with 25 business owners f
Frequency: Monthly
Notes:
Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.
Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash item
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