How the Federal Government Shutdown is Impacting SBA Operations
The federal government shutdown is now rolling through into its fourth week, causing mild to moderate travel delays due to staffing issues at airports, IRS questions are going unanswered and a number of upcoming government contracts are, in many cases, on hold until the funding issues at the heart of the shutdown are addressed. However, one of the largest areas businesses are being hit by is the shutdown of the Small Business Administration. Here's a look at some key areas where closed SBA operations are impacting businesses across the country and what to do about it.
SBA loans are being held up. If you're waiting on an SBA loan to improve your operation or start your business, you'll probably be waiting a bit longer. You can probably anticipate that the delay in getting your loan may be as long as the shutdown plus the wait time you were already anticipating. Consider talking to a local bank about a regular commercialloan that you could then roll into an SBA loan once the shutdown is resolved.
SBA training is on hold. One of the other benefits offered by the SBA is its free or reduced-rate training options for business owners and employees. While the shutdown is ongoing, you may want to look into other available options, such as massive open online courses (MOOCs) offered by major universities, community workshops and reduced-rate continuing education options offered by a wide range of educational institutions.
Federal contracts are limited. Unless authorized specifically, one-year contracts will not be awarded. However, contracting opportunities are required to continue by statue for any department not impacted by the shutdown. Though this will limit the options available, it will not completely eliminate them. If it won't make up enough of a difference for your business, consider branching out to private enterprises during the shutdown.
If you're dealing with issues due to the federal government shutdown and need to develop a strategy to deal with the situation, AccountRely can help. We have accounting and business professionals available with experience in a wide range of areas and industries and would be happy to help you find the right solutions for your situation. Please feel free to reach out today to speak to one of our recruiting specialists to learn more and get started.