Small Businesses Face Mounting Economic Hurdles Despite Vital Role
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Small businesses are critical to the U.S. economy, employing almost half the country's workforce and accounting for 63% of net new jobs since 1995.
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Small businesses contribute unique value through innovation, consumer choice, employment opportunities, and economic decentralization.
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Small businesses faced major challenges during COVID, with inadequate support, and now battle inflation, labor shortages, and supply chain issues.
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Surveys show over half of small business owners expect lower 4th quarter 2023 revenue compared to 2022.
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Supporting small businesses creates jobs and circulates dollars locally, with studies showing 2/3 of dollars spent at small businesses staying in the community.