In 2023, we hit a 20-year record for the most new businesses formed, despite rising economic inflation, showcasing the resilience of entrepreneurship in the U.S.
Small businesses spend on average 200 hours and $11,700 per employee per year on compliance, not including potential financial penalties, reflecting the burden of regulations.
Policymakers need to commit to timelines to review and update outdated requirements, utilizing technology to simplify compliance processes for small businesses.
Compliance inflation is an urgent economic issue, as small businesses contribute significantly to the economy but face overwhelming regulations hampering their growth.
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