‘According to Forbes Advisor, the Small Business Administration (SBA) estimates that there were 33.3 million small businesses in the United States in 2024. This number includes businesses with no employees, businesses with 1–19 employees, and businesses with 20–499 employees.

While large corporations often grab headlines, it’s small businesses that form the bedrock of the American economy. Recent data from the U.S. Small Business Administration reveals a remarkable figure: 33.3 million businesses in the United States qualify as small businesses, making up 99.9% of ALL U.S. businesses.’ — Forbes Advisor

Take a moment to let that sink in.

Small business is crucial to our economy—from local to national. It’s how many of us have realized our dreams personally and for our families. Whether we be employers or employees, small business is key to our success, and a critical component for our recovery as a nation from the pandemic.

It’s interesting that prior to the pandemic, there were also approximately 33.3 million small businesses in the US. With 500 employees or fewer, still accounting for 99.9% of US firms. They employed just under half of the total private sector employment.

It’s important to note that most of these firms didn’t have paid employees, but about 6 million of them did. These small businesses played a significant role in the US economy, contributing over $16.2 trillion in revenue in 2021. However, the pandemic had significantly impacted this sector, with 34% of small businesses closed compared to January 2020.

On the other hand, the pandemic also saw a huge surge in new business formations. 4.3 million new businesses were started in the US in 2020, a record high. This represents a 24.6% increase in the number of new businesses started compared to the previous year.

Keep in mind, these figures are estimates and the actual numbers may vary. The impact of the pandemic on small businesses is still being determined, and it may take a while to know the full extent.

Again, small businesses fill a crucial role for our economy, as their number has remained similar before and after the pandemic.

Since 2008 NūbizSoho.com has been in support of our small businesses, and will continue to do so.

Startup, Gig-Work, Freelance, Home-Based, Solopreneur/Entrepreneur, ALL Small Business.

Our ‘Commitment’ to you is to provide quality services to Start, Protect, and Grow Your Business for Success.

Our ‘Mission’ is to help you get to where you want to be.

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Unleash your potential by partnering with NūbizSoho.com. Let’s create a customized success story that will drive you to excel in your industry and achieve lasting prosperity.