Small Business Bankruptcies Reach Worrisome Level As Biden Touts Rising Business Formation

Small businesses impacted by the current economic tumult are filing for bankruptcy at levels last witnessed at the outset of the lockdown-induced recession, even as President Joe Biden touts an uptick in new business ventures.

Economic phenomena such as inflationary pressures, as well as the rising interest rates caused by monetary tightening from the Federal Reserve, had produced an increase in the number of small and medium-sized businesses filing for bankruptcy, according to a note from investment bank UBS obtained by Business Insider. Fears of a credit crunch amid the...