Can Small Firms Weather the Economic Effects of COVID-19? Data appendix (April 7, 2020)

Summary

Data appendix to Can Small Firms Weather the Economic Effects of COVID-19?, built from the 2019 Small Business Credit Survey of the Federal Reserve Banks and last updated 4 May 2020. Its sheets break down the financial health of small employer firms as distressed, at risk, stable or healthy by revenue, employee count, firm age, industry, race and ethnicity of ownership, gender of ownership and Federal Reserve District. In all, 35% of 3267 firms were healthy. Asked what they would do in response to a two-month revenue loss, 52% of firms nationally said they would cut salaries or lay off workers and 47% would use owners' personal funds.

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Text extracted from the spreadsheet file: one line per row, cells separated by tabs, each sheet headed by its name. Numbers appear as stored, without the workbook’s formatting.

Sheet: DataNotes
Can Small Firms Weather the Economic Effects of COVID-19?
Data are weighted by number of employees, age, industry, census division, urban/rural status, race/ethnicity of ownership, and gender of ownership.
Estimates reflect percentages unless noted otherwise.
Estimates are redacted if their associated survey question has fewer than 50 observations.
Note on FedDistrict data:
Federal Reserve District estimates include all small employer firms in states that fall at least partially within a district's boundary.
Please use the following disclaimer if publishing any of these data or analyses derived from these data:
The Federal Reserve Banks and the Federal Reserve System cannot vouch for the data or analyses derived from these data after the data have been retrieved from fedsmallbusiness.org.
Source: Federal Reserve Banks, 2019 Small Business Credit Survey
Last updated: 4 May 2020

Sheet: Figure1
FIGURE 1. Financial Health Spectrum
	Distressed	At risk	Stable	Healthy	N
All firms	0.06	0.23	0.35	0.35	3267
Figure notes:
Percentages may not sum to 100 due to rounding.

Sheet: Figure2
FIGURE 2. Financial Health Spectrum by Firm Characteristics
		Distressed	At risk	Stable	Healthy	N
	All firms	0.06	0.23	0.35	0.35	3267
Annual revenue	$100K or less	0.17	0.45	0.3	0.08	287
	$100K-$1M	0.08	0.23	0.39	0.3	1169
	More than $1M	0.03	0.18	0.34	0.45	1626
Number of employees	1-4 employees	0.08	0.25	0.36	0.32	1207
	5-19 employees	0.06	0.23	0.36	0.35	1416
	20-499 employees	0.04	0.17	0.32	0.47	644
Age of firm	0-5 years	0.08	0.31	0.37	0.23	890
	>5 years	0.05	0.19	0.35	0.41	2377
Industry	Non-manufacturing goods production & associated services	0.06	0.25	0.36	0.33	647
	Retail	0.05	0.25	0.37	0.34	362
	Leisure & hospitality	0.08	0.28	0.37	0.27	325
	Healthcare & education	0.05	0.22	0.35	0.38	286
Race/ethnicity of ownership	Non-Hispanic White	0.05	0.22	0.36	0.37	2486
	Non-Hispanic Black or African American	0.21	0.37	0.26	0.17	335
	Non-Hispanic Asian	0.08	0.23	0.4	0.29	127
	Hispanic	0.18	0.31	0.29	0.22	269
Gender of ownership	Men-owned	0.07	0.21	0.36	0.36	1771
	Equally owned	0.06	0.22	0.36	0.35	433
	Women-owned	0.06	0.28	0.34	0.31	1063
Figure notes:
Percentages may not sum to 100 due to rounding.

Sheet: Figure3
FIGURE 3. Actions Firms Would Take to Respond to a 2-Month Revenue Loss
	Cut salaries or lay off workers	Downsize operations or defer payments/expenses	Use owner's personal funds	Take out debt	Close or sell the business	No action; use cash reserves to continue normal operations	N
Distressed	0.48	0.53	0.62	0.44	0.3	0.06	226
At risk	0.52	0.54	0.58	0.44	0.28	0.03	764
Stable	0.58	0.5	0.5	0.38	0.17	0.1	1076
Healthy	0.55	0.46	0.42	0.32	0.08	0.2	1192
Figure notes:
Respondents could select multiple options. Some response options have been combined for readability.

Sheet: ByFedDistrict
universe	survey_question	survey_question_response	estimate	survey_question_sample_size
US	Financial health spectrum	Distressed	6%	3267
US	Financial health spectrum	At risk	23%	3267
US	Financial health spectrum	Stable	35%	3267
US	Financial health spectrum	Healthy	35%	3267
US	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	52%	5139
US	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	47%	5139
US	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	47%	5139
US	Actions firm would take in response to a two-month revenue loss	Take out debt	34%	5139
US	Actions firm would take in response to a two-month revenue loss	Close or sell the business	17%	5139
US	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	14%	5139
ATL Fed District	Financial health spectrum	Distressed	6%	696
ATL Fed District	Financial health spectrum	At risk	27%	696
ATL Fed District	Financial health spectrum	Stable	33%	696
ATL Fed District	Financial health spectrum	Healthy	33%	696
ATL Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	48%	1079
ATL Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	45%	1079
ATL Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	44%	1079
ATL Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	30%	1079
ATL Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	15%	1079
ATL Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	14%	1079
BOS Fed District	Financial health spectrum	Distressed	12%	170
BOS Fed District	Financial health spectrum	At risk	21%	170
BOS Fed District	Financial health spectrum	Stable	36%	170
BOS Fed District	Financial health spectrum	Healthy	31%	170
BOS Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	61%	277
BOS Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	57%	277
BOS Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	52%	277
BOS Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	33%	277
BOS Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	15%	277
BOS Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	12%	277
CHI Fed District	Financial health spectrum	Distressed	7%	268
CHI Fed District	Financial health spectrum	At risk	23%	268
CHI Fed District	Financial health spectrum	Stable	41%	268
CHI Fed District	Financial health spectrum	Healthy	30%	268
CHI Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	52%	448
CHI Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	45%	448
CHI Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	47%	448
CHI Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	35%	448
CHI Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	16%	448
CHI Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	14%	448
CLE Fed District	Financial health spectrum	Distressed	7%	226
CLE Fed District	Financial health spectrum	At risk	20%	226
CLE Fed District	Financial health spectrum	Stable	28%	226
CLE Fed District	Financial health spectrum	Healthy	44%	226
CLE Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	52%	385
CLE Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	49%	385
CLE Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	46%	385
CLE Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	30%	385
CLE Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	14%	385
CLE Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	13%	385
DAL Fed District	Financial health spectrum	Distressed	7%	362
DAL Fed District	Financial health spectrum	At risk	29%	362
DAL Fed District	Financial health spectrum	Stable	30%	362
DAL Fed District	Financial health spectrum	Healthy	34%	362
DAL Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	52%	556
DAL Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	46%	556
DAL Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	48%	556
DAL Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	33%	556
DAL Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	18%	556
DAL Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	15%	556
KC Fed District	Financial health spectrum	Distressed	5%	232
KC Fed District	Financial health spectrum	At risk	22%	232
KC Fed District	Financial health spectrum	Stable	35%	232
KC Fed District	Financial health spectrum	Healthy	38%	232
KC Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	54%	347
KC Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	48%	347
KC Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	42%	347
KC Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	37%	347
KC Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	18%	347
KC Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	13%	347
MN Fed District	Financial health spectrum	Distressed	8%	192
MN Fed District	Financial health spectrum	At risk	21%	192
MN Fed District	Financial health spectrum	Stable	34%	192
MN Fed District	Financial health spectrum	Healthy	37%	192
MN Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	54%	331
MN Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	53%	331
MN Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	49%	331
MN Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	37%	331
MN Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	15%	331
MN Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	15%	331
NY Fed District	Financial health spectrum	Distressed	13%	217
NY Fed District	Financial health spectrum	At risk	27%	217
NY Fed District	Financial health spectrum	Stable	32%	217
NY Fed District	Financial health spectrum	Healthy	28%	217
NY Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	53%	344
NY Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	53%	344
NY Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	50%	344
NY Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	37%	344
NY Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	16%	344
NY Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	14%	344
PHI Fed District	Financial health spectrum	Distressed	9%	165
PHI Fed District	Financial health spectrum	At risk	24%	165
PHI Fed District	Financial health spectrum	Stable	32%	165
PHI Fed District	Financial health spectrum	Healthy	35%	165
PHI Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	56%	277
PHI Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	55%	277
PHI Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	40%	277
PHI Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	30%	277
PHI Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	9%	277
PHI Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	11%	277
RIC Fed District	Financial health spectrum	Distressed	6%	530
RIC Fed District	Financial health spectrum	At risk	27%	530
RIC Fed District	Financial health spectrum	Stable	29%	530
RIC Fed District	Financial health spectrum	Healthy	39%	530
RIC Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	51%	832
RIC Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	45%	832
RIC Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	47%	832
RIC Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	33%	832
RIC Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	17%	832
RIC Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	14%	832
SF Fed District	Financial health spectrum	Distressed	7%	556
SF Fed District	Financial health spectrum	At risk	24%	556
SF Fed District	Financial health spectrum	Stable	37%	556
SF Fed District	Financial health spectrum	Healthy	32%	556
SF Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	58%	844
SF Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	52%	844
SF Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	51%	844
SF Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	38%	844
SF Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	17%	844
SF Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	10%	844
STL Fed District	Financial health spectrum	Distressed	8%	337
STL Fed District	Financial health spectrum	At risk	23%	337
STL Fed District	Financial health spectrum	Stable	38%	337
STL Fed District	Financial health spectrum	Healthy	30%	337
STL Fed District	Actions firm would take in response to a two-month revenue loss	Cut salaries or lay off workers	49%	547
STL Fed District	Actions firm would take in response to a two-month revenue loss	Downsize operations or defer payments/expenses	43%	547
STL Fed District	Actions firm would take in response to a two-month revenue loss	Use owners personal funds	44%	547
STL Fed District	Actions firm would take in response to a two-month revenue loss	Take out debt	34%	547
STL Fed District	Actions firm would take in response to a two-month revenue loss	Close or sell the business	16%	547
STL Fed District	Actions firm would take in response to a two-month revenue loss	No significant action; use cash reserves to continue normal operations	13%	547

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