As of 2023, there are 33.3 million small businesses in the US, employing over 61.6 million people. The pandemic has led to an unprecedented increase in new business applications, with minority and women-owned businesses contributing significantly to the growth. Black- and Latino-owned businesses experienced the fastest growth, with business ownership increasing from 5% to 11% and from 7% to 10%, respectively, between 2019 and 2022. Small businesses created 17.3 million net new jobs between 1995 and 2021, accounting for 62.7% of net new jobs created since 1995. Small businesses contributed to 70% of net job increases, with a net loss of 8.6 million jobs in the second quarter of 2020. Around 20% of new businesses close within a year, but 34.7% of businesses remained open in 2023. In fiscal year 2023, the Small Business Administration provided $27.5 billion in 7(a) loans to small businesses, with 50% going to Black- and Latino-owned businesses.