Small Business Owners Face $2.5 Billion Losses as Government Shutdown Continues
The federal government shutdown, now in its third week, is causing widespread economic disruption, especially for small business owners who are losing access to vital funding and facing mounting pressures. Industry leaders have warned that the shutdown is generating significant financial strain and is now costing the nation’s small businesses in the hundreds of millions of dollars per day. With the government shutdown in full force, the Small Business Administration (SBA) is reporting that 4,800 small businesses have already been blocked from receiving nearly $2.5 billion in capital, with an estimated $170 million in funding lost daily as of early October. This financial strain has resulted in more than 320 small businesses being denied access to SBA-backed commercial loans each day, creating a severe roadblock for expansion and growth for many entrepreneurs.
Industry groups, including the Family Business Coalition, National Restaurant Association, and others, have come together and sent a letter to U.S. senators, calling for the immediate passage of a