Small Businesses Fight Arbitrary Shutdowns

Nwo Report

Source: Janet Levy

Small businesses, critical drivers of innovation and growth, play an important role in our free-market system.They not only epitomize traditional American values of individuality, creativity, and self-sufficiency, but also present unique opportunities to achieve financial success.In 2019, the Small Business Administration (SBA) reported that small businesses created two thirds of net jobs, generated 49.2% of private-sector employment, accounted for 44% of U.S. economic activity, and contributed 43.5% to the GDP.

No event in history has devastated small businesses like the coronavirus shutdowns.In the first three months (February to April 2020) of the pandemic, mandates requiring restricted access, social distancing, and periodic closures caused the number of small business owners to fall 22%.After seven months of such restrictions, a Federal Reserve survey found that 44% of small businesses had debts of more than $100,000, up from 13% in 2019.Three out of every ten said they wouldn’t survive 2021…

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