As the government shutdown enters its third day, it is no longer just the delays in processing SBA loans that reporters are discovering will impact small businesses if the shutdown continues.
“The government shutdown is creating pain nationwide for small businesses that depend on federal agencies to operate or that were in the middle of securing government-backed loans. Soo-Tsong Lim, co-founder of Unistar-Sparco Computers Inc., a 40-employee technology-services firm in Millington, Tenn., said packages recently shipped to federal agencies have been returned, costing the company about $25,000. ‘Layoffs will probably have to happen if this continues,’ said Mr. Lim, who is also concerned about paying vendors, suppliers and banks over the next few weeks if the $8 million it is owed by federal clients isn’t paid on time. ‘We’re very stressed out,’ he said.”
Full story: “Small Firms Grapple With Roadblocks Caused by Shutdown” (WSJ.com)