The October jobs report showed another gain of 661,000 jobs in September and the unemployment rate fell to 7.9%. Still, the increase wasn’t as strong as expected and the economy remains a long way from full strength—only about half of the jobs lost in March and April have returned, with city centers bearing the brunt of the losses. Small businesses are the biggest job creators and if they don’t recover, the economy won’t either. To recover, small businesses need capital, and better regulation can help them get the capital they need to thrive again.
Small businesses are a big part of the economy. Prior to Covid-19, businesses with fewer than 500 employees accounted for almost half of all jobs and 44% of GDP.