Shaheen & Senate Small Business Democrats Call for SBA’s Plan to Address the Shutdown’s Growing Loan BacklogJanuary 23, 2019
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) sent a letter yesterday with Democratic Members of the Senate Small Business & Entrepreneurship Committee to the Small Business Administration (SBA) Administrator Linda McMahon requesting the SBA’s plan for addressing the backlog of loan approvals, which continues to grow as the government shutdown drags on.
In their letter, the Senators note that the SBA’s loan processing centers are not processing loans during the shutdown, causing small business owners to lose out on an estimated $117 million in capital every day that the government shutdown continues.
“Because capital is the lifeblood of our nation’s small businesses, it is critical that the SBA have a plan in place to address the growing backlog of loan applications so that it can be quickly implemented once the government reopens,” the Senators wrote. They further urged Administrator McMahon to share with them requests for additional resources the SBA might need in order to meet the needs of America’s small businesses adversely affected by the government shutdown.
Senator Shaheen, a member of the Senate Small Business & Entrepreneurship Committee and a former small business owner, met with the owner of Wing-itz in Dover this morning to discuss the impact of the President’s shutdown on small businesses. Wing-itz owner Derek Fisher explained that the government shutdown is preventing him from accessing programs provided by the SBA, specifically a 504 loan, which he’d use to expand his business. Shaheen’s legislation to reinstate the 504 Refinance Program—which helps small businesses grow and create more jobs— was signed into law in 2015.
The letter to Administrator McMahon can be read in full here.
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