Research Summary. Although almost every industry took a hit from mandated covid closures, small businesses are bouncing back and continue to represent the backbone of the United States’ business community. After extensive research, our data analysis team concluded:
With small businesses accounting for 99.9% of all businesses in the United States, it’s no surprise that 59.9 million Americans work at small businesses across the nation. Today, there are an estimated 32.5 million small businesses in the United States, 88.1% of which have fewer than 20 employees. Challenges like financing hurdles, lower than average success rates, and mandated COVID-19 closures continue to threaten the livelihood of many small businesses. However, the future of America’s small business community remains bright. An estimated 47% of Americans shop at small businesses at least twice a week, generating about 45% of the nation’s economic activity. Although 23% of small businesses were forced to shut their doors, either temporarily or permanently, due to the global pandemic, it’s safe to say that small businesses continue to represent the backbone of America’s business community.
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