The COVID-19 Pandemic’s Effect on Small-Business Credit in Chicago

Fact Sheet

The COVID-19 Pandemic’s Effect on Small-Business Credit in Chicago

Abstract

During the COVID-19 pandemic, small businesses in Chicago experienced closures and drops in sales, but despite these challenges, data from September 2019 to March 2021 reveal they were mostly able to pay their bills. Even in vulnerable sectors, delinquencies, defaults, and bankruptcies did not dramatically increase. Largely, these businesses remained afloat through federal stimulus payments, lay-offs or other cost-cutting measures, forbearance from creditors, and local relief programs. But preexisting inequities in business health for owners of color have continued through and will outlast the pandemic.

 

This fact sheet was corrected on June 18, 2021, to fix an error in the About the Credit Data box.

Cross-Center Initiative

Cross-Center Initiative: 
To reuse content from Urban Institute, visit copyright.com, search for the publications, choose from a list of licenses, and complete the transaction.
LATEST IN Economic Growth and Productivity
To reuse content from Urban Institute, visit copyright.com, search for the publications, choose from a list of licenses, and complete the transaction.