Struggling Small Business in the US. The next challenge to economic recovery

Abstract

The United States faces steep economic recovery challenges as its crucial small business sector struggles. While this sector has long grappled with various obstacles, it has only grown more dire thanks to the COVID-19 pandemic in the form of rising bankruptcies and closures. Yet investing in and supporting small businesses is essential to the US economy's well-being. They play an essential role in spurring economic growth and creating jobs. A post-pandemic world requires policymakers to create a range of programs and policies offering training, access to credit, and financial assistance to help small businesses shake off the dust, adapt and succeed. Building stronger bridges for small businesses can improve a more robust, sustainable recovery. While public support is undeniably crucial, it is imperative for businesses to actively engage in overcoming the challenges posed by the current economic climate. The post-pandemic situation requires a comprehensive approach from policymakers, including the development of diverse plans and policies. These initiatives should not only provide training, access to credit, and financial assistance but also encourage small businesses to take an active role in adapting and innovating.