The pandemic forced more than three-quarters of small businesses across the U.S. to temporarily close up shop in the spring of 2020, and thousands have since shut down for good.
But the COVID-19 pandemic also led to a record number of people trying to start their own businesses: 4.5 million filed new business applications in 2020, according to an analysis of U.S. Census Bureau data by the Economic Innovation Group.
And the momentum isn’t slowing. The Census Bureau says 492,000 new business applications were received in January 2021, a 43% jump over the previous month. Many more informal businesses are believed to have been created, often as side hustles, but never registered.
Few cities saw more aspiring entrepreneurs than Miami. Although new business creation was not distributed evenly across racial and socio-economic lines, green shoots of entrepreneurship popped … Read the rest