If there is one overarching economic lesson the coronavirus pandemic has made clear, it is that the strength of America’s economy depends heavily on the success of small business.
Over the past three months, we have watched as small businesses across the country display closed signs in their windows, entire Main Streets are shuttered, employees have been let go en masse , and for those lucky enough to still conduct business during this time, revenues are down at staggering rates.
Our country is now mired in a deep recession that is expected to take a decade to fully recover from.
Testifying before the Senate Small Business Committee this week, Treasury Secretary Steven Mnuchin said that he was pleasantly surprised by the May jobs report as an indication that unemployment rates have bottomed out and the economy is on the rebound earlier than expected. However, the simple fact is that small business continues to suffer.
At pre-pandemic rates, small businesses employed 58.9 million American workers. Since the pandemic began, small business employment has fallen by 11 percent. According to a recent report from ADP Research Institute, employment among small businesses with less than 50 employees has dropped by nearly 6.5 million jobs since the […]
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