Starting a business in a pandemic: The experiences of businesses created during COVID-19

Using the monthly estimates of business openings and closures, this article examines new businesses (entrants) created during the pandemic and the associated employment. It compares business formation that took place in 2020 compared to the 2015 to 2019 period, and contrasts employment created by entrants to that of established businesses (incumbents) and employment destruction occurring from closing businesses and shrinking incumbents.