Minneapolis Fed finds small businesses take deepest cuts to sales from pandemic shutdowns
July 1, 2020
The pandemic has dealt a particularly big blow to smaller businesses, to women and minority-owned businesses, and to sectors such as entertainment, lodging and retail.
Those are some of the findings of a May survey of nearly 1,100 businesses across Minnesota and in neighboring states conducted by the Federal Reserve Bank of Minneapolis.
"The main takeaway is that COVID effects have been very wide and very deep and negative, but there's also variation across those groups," Ron Wirtz, regional outreach director, said during a webinar Tuesday on the effect of the pandemic on the Minnesota economy.