Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local sources to Al Mayadeen: More than 10 violent explosions rocked region in Latakia Countryside, reasons still unknown.
Local sources to Al Mayadeen: Explosions targeted Agriculture Battalion, known as the Drone Battalion, near al-Sinn River.
Al Mayadeen's correspondent: Loud explosions in foreign regiment facilities operated by Syrian Defense Ministry in Latakia countryside.
Armenian PM Nikol Pashinyan: Coup plot by senior cleric foiled
Iranian MP Alireza Salimi: The Shura Council has approved a resolution to suspend Iran’s cooperation with the International Atomic Energy Agency.
Political aide to the governor of Gilan Province in northern Iran: Air defenses in Rasht shot down a small hostile drone flying over the city
Israeli media: The presence of General Qaani at the “victory celebrations” in Tehran puts an end to the rumors and earlier reports claiming he had been assassinated
Israeli media: There is division within the US administration itself over the extent of what the strikes on Iran’s nuclear facilities actually achieved
Israeli media: US intelligence also says Iran’s centrifuges remained largely intact
Israeli media: Netanyahu and Trump celebrated too soon, as US intelligence says Iran’s uranium stockpile was not damaged

US government shutdown to take a $100ml hit on small businesses

  • By Al Mayadeen English
  • Source: Agencies
  • 29 Sep 2023 15:59
3 Min Read

If funding measures do not take effect before October 1, federal agencies will be forced to halt nonessential work and paychecks until the shutdown is lifted, which also goes for the Small Business Administration, responsible for processing new business loans.

  • x
  • Caution tape blows in the wind on the east front plaza of the US Capitol on Sept 27, 2023 (AFP)
    Caution tape blows in the wind on the east front plaza of the US Capitol on Sept 27, 2023 (AFP)

As the government shutdown in the US nears, the White House warned on Friday that small businesses could bear quite the brunt and fall short of over $100 million in critical financing daily this October, with "devastating" consequences.

"Each weekday the government is shut down, hundreds of small businesses would see their 7(a) and 504 loan applications fail to move forward. That means extreme House Republicans would deny more than $100 million in critical financing to American small businesses every day," the statement read.

More than 10.5 million applications have been filed by Americans wishing to start new small businesses during the first two years of the Biden administration, but the White House suggested that a hold on funding and financing would make it harder to access federal contracting, and prevent them from buying essential equipment and thus prompt them to go for high-interest loans.

This comes as Congress has one working day left to plan out a stopgap funding measure before September 30's midnight hits to avert a government shutdown.

Read next: US Republicans looking to replace House Speaker McCarthy amid shutdown

Related News

Tehran halts IAEA access over silence on US-Israeli aggression

Anti-'Israel' Zohran Mamdani defeats Cuomo in NYC mayoral primary

If funding measures do not go into effect before October 1, federal agencies will be forced to halt nonessential work and paychecks until the shutdown is lifted, which also goes for the Small Business Administration, responsible for processing new business loans for small businesses.

A government shutdown, should it materialize, would lead to suspending "nonessential" government operations until Congress successfully passes a funding resolution.

This would have far-reaching consequences, affecting millions of federal workers, including over 1.3 million active-duty troops, as highlighted by the White House. Notably, the most recent government shutdown, which transpired from late 2018 to early 2019, extended for a record-setting 34-36 days.

This goes to show that while small businesses will eventually find themselves struggling to attain government funding to sustain, the government itself is torn apart ahead of the shutdown over whether to continue funding Ukraine with billions of dollars or whether to stop it at once. 

The White House issued a stark warning this week regarding the potential consequences of a shutdown. The administration estimates that 10,000 children would lose access to Head Start programs (free learning and development services), air traffic controllers and transportation security officers would work without pay, causing travel delays, and food safety inspections by the Food and Drug Administration would also be delayed.

It urged House Republicans to prioritize the well-being of Americans over political games and ideological demands.

Read more: Moody's warns of credit rating risk in potential US govt shutdown

  • United States
  • Small Business Administration
  • small business
  • US
  • government shutdown

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Rescue team work at the site where a missile launched from Iran struck Tel Aviv, Israel, Monday, June 16, 2025 (AP)

Wave 12 of Operation True Promise 3 launched, Sejjil deployed: IRGC

  • Politics
  • 18 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
'Israel's' medical supply ban to Gaza threatens newborns' lives
Health

Gaza's newborns at risk as 'Israel' blocks baby formula, supplies

Tehran
MENA

Thousands rally in Tehran in support of Iranian Armed Forces

FT
Palestine

UK’s Co-op halts sales of Israeli carrots over rights violations

Israeli security forces inspect the site struck by an Iranian missile strike that killed several people, in Beer al-Sabe', Occupied Palestine, on Tuesday, June 24, 2025 (AP)
Politics

In numbers: Iran's True Promise 3 devastates 'Israel' in 12 days

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS