Community Empowerment Matters

  Introduction: The Importance of Small Businesses American society often champions small businesses: During a 2010 meeting with local entrepreneurs in Seattle, President Barack Obama praised small businesses as “ the backbone of [the American] economy and the cornerstones of [its] communities .” In more recent years, entrepreneurial thought leaders advocated for larger and better tailored stimulus packages for small businesses , while economics professors urgently advised Congress to offer refundable tax credits to help small business owners overcome the economic downturn spurred by the coronavirus pandemic. The widespread promotion of and support for small businesses makes sense. Data from the United States Small Business Administration illustrates the major impact small businesses have on the overall economy. According to a 2018 report from the agency’s Office of Advocacy, small business entities create two-thirds of net new jobs . Beyond job creation, academic and government

  The COVID-19 pandemic affected businesses across the states in several ways. Among the entities who were impacted the most by prolonged quarantine periods were small businesses. Small businesses account for more than 99% of businesses in the United States, and it has been estimated that they employ around 60 million people in the country. [1] Small businesses strongly felt the impact of the pandemic on various aspects of their operations, such as “cash flow, inflation, and taxes.” [2] One aspect, however, played a significant role in contributing to an already deteriorating condition: Workers’ shortages. Some even went as far as calling the phenomenon “the Great Resignation.” [3] The shortage is persistent, even amidst rising vaccination rates and a vaccine mandate in many places. [4] Statistics from the Department of Labor (DOL) show that as of January 2022,   6 million persons reported an inability to work due to pandemic-related reasons. [5] Some of those reasons could be tr