Fed survey: 90% of small business owners said sales hadn't returned to pre-pandemic levels

Fed survey of small businesses (fewer than 500 employees)

• 95% of small businesses reported pandemic affected business
• 78% reported a decline in revenue. Of those nearly one-third said they would be unlikely to survive without gov't assistance
• 46% reduced workforce
• 64% said they would apply for another round of assistance if available
• 54% of firms characterized their financial condition as 'fair' or 'poor'

There has never been a time when the stock market was more disconnected from the real economy.