During the COVID-19 pandemic, small businesses in New York 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, and forbearance from creditors. 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.