President has cut taxes, regulation and unfair trade deals, and Dems’ response has been to close government
By Elizabeth Troutman Mitchell, The Daily Signal
FIRST ON THE DAILY SIGNAL—Hundreds of small businesses are in peril during the federal government shutdown as they are unable to access their federal government loans, according to President Donald Trump’s Small Business Administration.
“Thanks to President Trump’s agenda to reduce taxes, regulation, and unfair trade deals, small business optimism is at seven-year highs, resulting in the SBA serving a record 85,000 job creators with $45 billion in federally backed loans—supporting historic hiring, expansion, and confidence on Main Street,” SBA chief Kelly Loeffler said in a statement to The Daily Signal.
“Senate Democrats have decided to cut off that momentum and that capital for Main Street, in favor of growing government spending by $1.5 trillion and blocking a clean funding bill to reopen the government,” she continued.
The shutdown has frozen SBA’s core 7(a) and 504 small business lending programs. Those are SBA’s primary business loan programs for providing financial assistance to small businesses.
Each business day the shutdown continues, about 320 small businesses can’t access $170 million in SBA-backed commercial loans. That means $2.5 billion has been blocked from 4,800 small businesses during the shutdown, which is about to enter its fourth week.
“With the SBA’s loan programs shuttered, thousands of small businesses are now unable to access the vital funding they need to survive, let alone thrive—and will soon begin cutting hours and benefits, laying off workers, and contemplating closing up shop for good,” Loeffler said.