ICYMI: SMALL BUSINESS BOOMED IN 2021 THANKS TO AMERICAN RESCUE PLAN

Americans Applied to Start 5.4 Million New Businesses in 2021, Highest Ever By Far

In Case You Missed It – The White House released a new report yesterday detailing the historic growth of small businesses in 2021. In total, Americans applied to start 5.4 million new businesses last year, by far the highest on record.

This boom of economic activity is no accident – the American Rescue Plan made targeted and purposeful investments in Main Street and helped small businesses across the nation make it through the pandemic with $450 billion in relief.

Thanks to the American Rescue Plan, millions of small businesses survived and millions more have been created, bringing jobs, stability, and dignity to millions of workers and their families. Treasury Secretary Janet Yellen has called this time “one of the strongest periods of growth” in decades.

Read the full White House report here.

KEY QUOTES:

  • In 2021, Americans applied to start 5.4 million new businesses—more than 20 percent higher than any previous year on record.

  • The boom in new business creation has been particularly strong for entrepreneurs of color. In 2021, Hispanic Americans started new businesses at the fastest rate in more than a decade and 23 percent faster than pre-pandemic levels.
  • And, in the first three quarters of 2021, small businesses with fewer than 50 employees created 1.9 million jobs, the fastest start to small business job growth in any year on record.

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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