Record small business filings bode well for Biden-Harris’ economics and legislative performance

by Ana Lopez

More than 10.5 million small businesses have been founded since 2021, the highest recorded number in a two-year period on record, according to Census Bureau data released Today.

Since taking office at the height of the Covid-19 pandemic, an unprecedented time of economic uncertainty, the Biden-Harris administration has won an impressive string of legislative victories, including the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act. The implementation of these smart investments in infrastructure, manufacturing and research and development, combined with strong job creation, low unemployment and signs of inflation slowing, has given many people reasons to be optimistic about the direction of our economy.

“When President Biden took office, hundreds of thousands of businesses struggled to stay open. The historic investment in economic recovery enabled Americans to start new businesses and jobs at record levels, a trend that continues today,” said US Small Business Administrator Isabella Casillas Guzman.

This week, the leaders of major companies are meeting in Davos to discuss the state of the world and the economy, new research shows strong public support for business to play a major role in solving the challenges of our society. And while major companies have expressed some concern about the future of the economyshows today’s news that small business owners and entrepreneurs don’t always agree with the big boys and point the way to recovery.

President Biden highlighted this surge in Main Street entrepreneurship, a sure sign of American optimism, in a statement, saying: “Small businesses are the engines of our economy and the hearts of our communities. We learned today that my first two years in office have been the two best years for new small business applications ever, with more than 10 million new businesses in total. It is the final confirmation that my economic plan is working to build our economy from the bottom up and from the bottom up.”

The Biden-Harris administration is working to support those emerging small businesses by providing more federal support programs that provide training and technical assistance, increase access to capital, and invest in support for hard-to-reach entrepreneurs through programs such as the Community Navigator program .

The debate about the impact of the Biden-Harris administration’s policy agenda on the economy will continue. It’s fair to say that inflation, while declining in recent months, is still a challenge for many companies. However, unemployment is at a record low, we have strong numbers on job creation and now these strong numbers on small business creation. Much of this gives the government a strong argument that they are working to rebuild the economy by supporting small businesses as a catalyst for economic growth.

Of course, the work is not done yet and this newly elected congress should work in a bipartisan way with the Biden-Harris administration to support our country’s job creators so they can continue to innovate, grow and help us to better days in it is coming.

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