700,000 more new business applications in 2020 than 2019: Report

There have been 700,000 more applications to form a new business in 2020 than at the same point in 2019, concentrated particularly in pandemic-affected sectors such as online retail, according to the latest Census Bureau data.

“Applications to form a new business have surged in the second half of 2020, despite widespread business closures in response to the COVID-19 pandemic and the deepest recession in postwar U.S. history,” concluded a Penn Wharton Budget Model analysis of business formation data. The model is a research project at the University of Pennsylvania.

The Penn model projects that the new business applications in 2020 will result in 120,000 additional jobs and
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