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Many small US businesses were 'at risk' or 'distressed' even after last year’s economic expansion, NY Fed survey finds

By Neil Roland ( April 8, 2020, 19:03 GMT | Insight) -- About 30 percent of US firms with fewer than 500 employees were “at risk” or “distressed” at the end of last year’s economic expansion, with a disparate number of those businesses smaller, younger and “helmed by Black or Hispanic owners,” a US Federal Reserve Bank of New York survey found. Firms with between 50 and 500 employees were targeted for loan assistance under a $349 billion coronavirus relief and stimulus program marked by delays, red tape and confusion among lenders and borrowers. But even among healthy firms, the survey found, only one in five could continue business as usual with cash reserves if faced with a two-month loss in revenue. About 30 percent of US firms with fewer than 500 employees were “at risk” or “distressed” at the end of last year’s economic expansion, with a disparate number of those businesses smaller, younger and “helmed by Black or Hispanic owners,” a US Federal Reserve Bank of New York survey found....

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