SBA Administrator Discusses Impact of Government Shutdown on Small Enterprises
ATLANTA – The protracted federal government shutdown is exerting significant strain on small businesses throughout Georgia.
In an exclusive interview with Rob DiRienzo of FOX 5, Kelly Loeffler, the Small Business Administrator under President Donald Trump, elaborated on the adversity faced by these enterprises.
According to Loeffler, the ongoing shutdown has also precipitated a cessation of SBA small business loans.
This situation exacerbates challenges for food vendors and contractors reliant on federal contracts.
Data from a recent survey conducted by Goldman Sachs indicates that 72 percent of small business owners deem it crucial for government operations to resume in order for their businesses to navigate these turbulent times.
Economists from Oxford project that each week of the government shutdown could incur a staggering economic loss for the United States, estimated between $7 billion and $15 billion, as reported by The New York Times.
Democratic lawmakers contend that preserving the Affordable Care Act’s tax credits is essential for both small business owners and employees who depend on subsidized health coverage.
Teresa Acosta, a former small business owner turned Democratic healthcare advocate, shared her plight of having to shutter her catering business this past summer due to economic volatility.
She now champions Democratic initiatives aimed at extending expiring health insurance subsidies, which she argues are imperative for small businesses.
“The repercussions of this situation will inevitably impact small businesses that depend on the ACA and its tax credits to insure their owners and employees,” Acosta remarked. “The unpredictability is overwhelming, complicating the landscape for small business owners.”
Loeffler held Senate Democrats accountable for the continuation of the shutdown. She further contested the Democratic narrative regarding the safeguarding of health care coverage.
“Such assertions are inherently misleading. The current realities are stark—individuals are losing their jobs, which directly leads to the loss of health care benefits. Furthermore, countless individuals are not receiving their paychecks.”
Source link: Fox5atlanta.com.
