Small businesses are generally defined by the U.S. Small Business Association (SBA) as independent businesses having fewer than 500 employees. Based on SBA's definition, there are 33.2 million small businesses in America, which account for 99.9% of all U.S. firms. Small businesses represent 97.3% of all exporters and 32.6% of the known export value ($413.3 billion). They also employ almost half (46%) of America's private sector workforce and represent 43.5% of gross domestic product. In 2021 alone, a record-breaking 5.4 million new business applications were filed, and nearly as many were filed in 2022. However, amid historically high inflation, many small businesses are struggling to keep up with rising prices. Small business owners report working longer hours than they used to due to a persistent worker shortage. Meanwhile, Small Business Saturday has become a great way to support small business owners in neighborhoods across the country every year around the holidays.