But research by the Board’s staff using nontraditional data sources finds that, in 2020, business exits were especially elevated among small firms and particularly in industries most sensitive to social distancing.3 The authors found that the permanent exit rate of restaurants in 2020 was about 50 percent higher than average historical rates.
On a related note, I would emphasize that, up to this point, the national data on business loan delinquencies and bankruptcy filings have not been especially concerning. That said, small businesses are often unincorporated, and many go under without declaring bankruptcy or 2/5  BIS central bankers' speeches  defaulting on loans.