While the pandemic appears to be receding as ever more Americans get vaccinated against Covid-19, it's important to remember that many small businesses are still hurting--and as such they should stay top-of-mind for the public and public policymakers.
A recent webinar from the Equifax credit report company, which has unique insight into the finances of small businesses, showed that some sectors are clearly still recovering from the economic crisis that accompanied the pandemic. Year over year data from March 2020 to 2021 show that small business loan delinquencies are down. Yet certain industry segments, especially accommodations--for example, hotels and restaurants, and recreation--as well as entertainment, retail, and healthcare are showing continued loan defaults over the last year. And while small business lending is on the rebound, it is still below pre-pandemic levels for key economic sectors.