Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released a report outlining how the Trump Administration’s 2021 budget proposal will harm small businesses and entrepreneurship in America.
“President Trump’s budget is full of broken promises and instead of investing in the future, threatens to leave America’s small business men and women behind,” said Velázquez. “President Trump made clear his interest in serving Wall Street over Main Street when his Administration’s enacted a corporate tax giveaway. Now as the deficit balloons, the President is further turning his back on hardworking Americans with a budget that cuts the Small Business Administration, slashes rural support programs, and eliminates economic development programs.”
Key findings include:
Cuts the overall Small Business Administration (SBA) budget by 17.9% from $998.4 million to $819.1 million.
Cuts Entrepreneurial Development programs by nearly $97 million or 36.5%.
Decreases access to capital by cutting the microloan program by $9 million and cutting lending under the 504 Loan Refinancing Program from $7.5 billion to $1 billion.
Eliminates the Minority Business Development Administration.
Slashed funding for the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy by 85.6 percent, an industry employing 2.2 million Americans.
Eliminates many of the Rural Business Development Programs in the U.S. Department of Agriculture.
