“Small businesses are critical to the nation’s overall economy. According to the U.S. Small Business Administration, there were nearly 28 million small businesses in the United States last year. Over the past two decades, they created 65 percent of net new jobs. Their importance to local communities extends even further. For every $100 spent in locally-owned, independent stores, $68 returns to the community through taxes, payroll and other expenditures, according to the small business advocacy group The 3/50 Project.”
According to SBA, Small firms:
- Represent 99.7 percent of all employer firms.
- Employ half of all private sector employees.
- Pay 45 percent of total U.S. private payroll.
- Have generated 60 to 80 percent of net new jobs annually over the last decade.
- Create more than 50 percent of nonfarm private gross domestic product (GDP).
For every $100 spent in locally-owned, independent stores, $68 returns to the community through local taxes, payroll and other expenditures (according to 3/50 Project)
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