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Small businesses still struggling financially, Fed survey finds
FOX Business Headlines 2/22
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Small businesses continue to struggle financially and many are facing greater challenges with managing supply chain challenges and hiring enough workers, according to a survey released Tuesday by the Federal Reserve.
While some small businesses have seen their revenues increase, the recovery has been uneven, with smaller firms and those owned by racial minorities seeing fewer gains, the report showed.
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"Many small businesses have not recovered to prepandemic levels, with the effects of the pandemic hitting disproportionately hard among firms in the leisure and hospitality sector, smaller firms, and firms owned by people of color," Fed researchers said in a statement.