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Federal Reserve eyes Sandy’s small business impact

4-21-14

NEW YORK (AP) — The Federal Reserve Bank of New York says a third of small businesses in tri-state Superstorm Sandy disaster areas reported financial losses a year later.

The findings were released Monday. The online poll was conducted from Oct. 10 to Dec. 31, 2013.

It looked at businesses with fewer than 500 employees in sectors including manufacturing, retail, construction, real estate, leisure and hospitality.

Of those suffering economic losses, 22 percent reported they totaled more than $100,000.

Sixty-one percent reported operating at a profit or breaking even.

The businesses are located in New York City, New York’s Hudson Valley, New Jersey and coastal Connecticut.