As the government shutdown enters its’ second month, the impact of the agency closures is being felt by small businesses around the country.
The most notable closure is the SBA, the Small Business Administration. The SBA is responsible for small business loans. If you were counting on an SBA loan to fund your small business, you may be stuck in limbo until the government reopens. And even then, some experts are expecting there will be a backlog of applications and other paperwork, causing additional delays in financing.
Other agency closures are impacting small businesses, too. For example, CNBC reported that the Alcohol and Tobacco Tax and Trade bureau is closed, halting alcohol and tobacco licenses. Small businesses in this industry may not be able to operate until the bureau reopens and licenses can be issued.
Forbes reported that the IRS closure could impact small business owners as well. Even though the IRS announced that it will still be paying refunds during the shutdown, Forbes expects delays. Business owners counting on large refunds or entrepreneurs needing tax documents for financing could be affected.
If you are a small business hurt by the government shutdown, Fox Business has a list of tips to help weather this shutdown and prepare for them in the future.
Clearly, the consequences of the government shutdown are far-reaching. And CNN reports that there is still no end in sight. Has your business been affected?