Illustration by Wade Forbes
The U.S. CARES Act is tremendously significant because it is the first time that proprietors were included in a U.S. Economic Stimulus package. Independent contractors and micro operations were traditionally excluded despite constituting most of all U.S. companies. McDaniel Consulting GBSFE concluded that eighty percent (80%) of the 17,205,000 U.S. businesses have fewer than 10 employees. According to March 2020 statistics provided by the NAICS Association, 69.9% of U.S. businesses have one to four employees. Another 10.5% have five to nine workers.
The same data source shows that 77.1% of all U.S. businesses earn less than $500,000 annually. Mom-and-Pop small businesses are one of the American success story engines. It's good to be recognized for the role that we play.
Syreeta V. McDaniel, MBA provides business consulting to entrepreneurs throughout the U.S. and 15+ countries. She is best known for Strategic Business Plan Writing, Gov't Contracting and Int'l Business. She enjoys making organic treats for her dogs.