Federal Reserve Bank of San Francisco | How Did COVID-19 Impact Small Businesses in 2020's Q3?
February 8, 2021 A large share of small businesses in the District continue to feel the negative effects of COVID-19. In the first quarter, small- and medium-sized firms shed more than 15% of their employees year over year, only some of which recovered through June according to stats from ADP, a payroll processing firm. By the third quarter, the Census Bureau’s weekly Small Business Pulse Survey reported that three-quarters of small businesses nationally had felt negative impacts from the pandemic. The hardest-hit states in the District continue to be those with a high reliance on energ...