SBA Administrator on Trump's Fight for Small Businesses, Economic Data, and Fraud Prevention

Small Business Support and Economic Confidence

• 🎯 President Trump is actively fighting for small businesses and manufacturers, which is boosting their confidence.
• 📈 The recent jobs report, showing 228,000 new jobs, highlights an incredible hiring pace, with small businesses creating two out of every three new jobs.
• 📉 Core inflation is at a four-year low, contributing to positive economic data for small businesses.

Trade Policy and Manufacturing

• ⚔️ Trump is fighting back against adversaries like China and standing up for American manufacturers, 99% of whom are small businesses.
• 📦 Trade barriers are being fought for to enable manufacturers to export their goods, a trend observed across over 100 manufacturers nationwide.
• ⚠️ The trade deficit has accelerated and worsened, increasing dependence on China.

Lending and Access to Capital

• 🏦 Banks face massive regulation and capital requirements under the Biden administration, impacting lending.
• 💰 The SBA is working to remove friction in lending and is currently facilitating about 1,800 small business loans per month, near record levels.
• ❤️ Small businesses, making up 99% of all businesses, are the backbone of the country and require access to capital as their lifeblood.

Tax Cuts and Economic Certainty

• 🧾 The advancement of President Trump's budget resolution, including tax breaks and spending cuts, is crucial for lowering the corporate tax rate and extending deductions.
• 🔑 There is high confidence that tax cuts, including the 20% pass-through deduction and immediate expensing, will be extended by year-end, providing essential certainty for small businesses.
• 🏘️ Tax cuts for large companies can have a positive knock-on effect for small businesses and communities through subsequent investments.

Combating Fraud and Waste at the SBA

• 🔍 The SBA has uncovered massive loan fraud during the COVID-19 pandemic, including over $300 million in loans granted to children under 11 and to applicants over 115.
• 🚫 New loan application changes include date of birth and citizenship verification to prevent fraud, with a zero-tolerance policy for fraud, waste, and abuse.
• 💰 The SBA has restored fees that were previously waived to the tune of $400 million annually, and is addressing inefficiencies like excess data centers and unused leased offices.