Legal News

Small Business Don’t See Loans: Government Shutdown Problems
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The government shutdown has closed the pipeline for many people with great ideas who only waited for funding to come through to get them off the ground. These small businesses may rely on government-backed loans to get started, as in the initial phases of their business venture, their creditworthiness may be limited, questionable or nonexistent. Since Calvin Coolidge said, “The business of America is business,” the government’s small business loans are a critical cog in entrepreneurship on small levels around the country. Although lenders will, according to the WSJ, “continue to process and submit loans” to the small business administration, borrowers will just have to wait, high and dry.

One person who has been affected in cross department shutdown problems is Charlotte Calmels. She is a restaurateur opening a second restaurant in Philadelphia in November. To carry out her plan, she has been helped with a $150,000 loan from the small business administration. Her lender however, Susquehanna Bank, from Lilitz, Pennsylvania has to first confirm her legal status as an immigrant. The confirmation has to go from the SBA to the federal immigration agency. That agency, while open, has “stopped receiving requests from the SBA to verify borrowers’ immigrations statuses” as of last Tuesday. So this person, who would have added to the local and regional economy and added possible more than one or two dozen or so jobs into Philadelphia, now is stuck.  Ms. Calmels understands that the government shutdown will cause critical delays for her. She noted that while she holds the keys to her new place, it won’t open with hired employees until she has the money to pay their wages.

  
What
Where


While this was only one testimony from someone affected by the SBA and government shutdown, many more people are now scrambling to get loans for their ideas that would definitely add to the economy and create jobs.



 

RELEVANT JOBS

Paralegal

USA-MS-Jackson

We are seeking an experienced personal injury Paralegal to become a part of our team! You will ...

Apply now

LITIGATION ATTORNEY

USA-CA-Mountain View

Motivated attorney sought by established firm for litigation position. Candidate should have two or ...

Apply now

Paralegal / Legal Assistant

USA-IN-Batesville

Salary $12 - $15 an hour Job Type Full-time Qualifications Criminal bac...

Apply now

Litigation Legal Secretary

USA-TX-Amarillo

Full Job Description Downtown law firm has an opening for a litigation legal secretary with a min...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Attorney

USA-NY-Flushing

Flushing office of our client seeks attorney. The candidate will draft, review, negotiate, revise, a...

Apply Now

Insurance Defense Litigation Associate Attorney

USA-GA-Atlanta

Atlanta office of a BCG Attorney Search Top Ranked Law Firm seeks insurance defense litigation assoc...

Apply Now

Attorney

USA-FL-Tampa

Tampa office of a BCG Attorney Search Top Ranked Law Firm seeks attorney with 2-5 years of insurance...

Apply Now

SEARCH IN ARCHIVE

To Top