(NewsNation) — As the government shutdown continues in Washington, D.C., the country’s more than 33 million small businesses could soon start feeling the effects, if they aren’t already.
When the government shuts down, the Small Business Administration stops processing new loans and approving routine small-business loans.
“The Small Business Administration is one such organization with federal employees that comes grinding to a halt during a government shutdown,” said William Stern, founder of business financing firm Cardiff. “So what does that mean? Well, if you’re trying to get an SBA loan, or if you’re in the middle of a process and you’re like, ‘I need that $150,000, or that, $500,000 to close this deal, buy this property, expand my second location for my restaurant,’ it ain’t gonna happen.”
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In 2023, the House Committee on Small Business reported a shutdown could cause small businesses to forgo $301.6 million on a daily basis.
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President Donald Trump and Republicans have so far held to the stance that they will only negotiate on Democratic demands regarding health care benefits after they vote to reopen the government.
Last week, Trump said roughly 750,000 federal workers were expected to be furloughed and that some could be fired by the administration.
