America’s Small Businesses Under Threat Of Major Cuts Under Extreme MAGA Budget Plan
FOR IMMEDIATE RELEASE: May 5, 2023
PRESS CONTACT: McKenzie Wilson, [email protected], (773) 715-0169
AMERICA’S SMALL BUSINESSES UNDER THREAT OF MAJOR CUTS UNDER EXTREME MAGA BUDGET PLAN
WASHINGTON, D.C. — As Small Business Week comes to a close, America’s small businesses are facing threats of devastating cuts proposed by Republicans in Congress. These cuts would erase historic gains under the Biden-Harris Administration – including the strongest two years of small business growth in history.
“Extremist MAGA politicians are closing out Small Business Week in the most shameful way possible — by promoting a default crisis and supporting legislation to gut the only federal agency dedicated to helping small business owners and entrepreneurs succeed,” said Building Back Together spokesperson McKenzie Wilson. “While Republicans in Congress want to use America’s small businesses as political pawns, the Biden-Harris Administration is fighting to defend the resources that keep their doors open. Main Street is booming again thanks to President Biden’s leadership, but it won’t be soon if Republicans in Congress get their way.”
The MAGA plan put forth by Republicans in Congress would:
- Kill 780,000 jobs by the end of 2024 and significantly increase the risk of a recession.
- Eliminate free business counseling for 295,000 small business owners currently run through the Small Business Administration.
- Devastate the Department of Agriculture’s Rural Development Business Programs, impacting 2,000 rural businesses.
- Increase the cost of credit and widening the access to capital. Almost 65% of entrepreneurs rely on personal and family savings for startup capital, and others rely on their personal credit cards — MAGA cuts would significantly slow down loan approvals, lender oversight and customer service for small business applicants.
- Eliminate assistance for small businesses recovering from natural disasters by eliminating nearly 50 positions in SBA dedicated to helping businesses survive when disasters strike.
Building Back Together (BBT) is a 501(c)4 nonprofit organization that serves as a messaging and organizing hub for national and in-state allies to advance the legislative agenda of the Biden-Harris Administration. BBT works alongside our partners to educate communities across the country about how the Biden-Harris agenda impacts their lives – by creating good-paying union jobs, lowering costs, and fueling economic growth – and contrasting these legislative accomplishments with the harmful plans of Republicans in Congress.