Neal Jenson: Best Available Free Software for Your Business
Obama Plans to Cut SBA Budget Almost in Half
The president's 2012 budget proposal slashes Small Business Administration funding by 45 percent, although the agency's 2010 total was significantly inflated because of stimulus spending.
Posted 2/ 14 11 at 3:00 PM | News, Money, Starting a Business, Taxes & Accounting, Legal Issues
Text Size:
A A A
Uncle Sam's Great Recession stimulus for small businesses may soon be over. The Small Business Administration faces a 45 percent decrease in funding, as part of President Obama's 2012 proposed budget released Monday.The proposed SBA budget stands at $985 million for 2012 -- down from the $1.8 billion the SBA received in 2010, a total that was fueled in large part by $962 million in supplemental stimulus appropriations that were designed to help boost small-business loans. Those appropriations are no longer available for 2012.
Other areas slated for budget cuts include Small Business Development Centers, which provide support and mentoring to entrepreneurs, and administrative costs, including a $7 million drop in salaries and expenses.
The SBA isn't the only government department that will have to figure out how to do more with less in the 2012 budget. Overall, Obama's $3.73 trillion budget proposal makes substantial cuts to some domestic programs and freezes others, with the goal of slashing the federal deficit by $1.1 trillion over a decade.
In that context, small-business lending fares pretty well. The 2012 SBA budget allows for about $27 billion in loan guarantees, including $16.5 billion in 7(a) loan guarantees and $7.5 billion in guaranteed lending for commercial real estate development and heavy machinery purchases, as well as $1.1 billion in direct loans for disaster assistance. From fiscal 2007 to 2010, the annual amount of disaster loans for businesses and homeowners in federal disaster areas averaged $837 million.
To see the complete 2012 SBA budget proposal, click here.
Getty Images
- 'Marriage Penalty' Could Make Costly Return - CNNMoney
- Oil Rises on Optimism for Cliff Deal - FOXBusiness
- Dow 2012: The Studs and Duds - InvestorPlace
- Turning the Corner: Why 2012 Wasn't as Bad as You Think - The Motley Fool
- World’s Longest High-Speed Rail Line Unveiled In China - IBTimes
- FORGET THE DEFICIT: Here's The Real Reason Liberals Want To Hike Taxes On The Rich - Business Insider
- CEOs to Fire in 2013 - 24/7 Wall St.
- DailyFinance Market Minute - DailyFinance
Comments (Page 3 of 4)
How much evidence does one need to understand that Obama is not an experienced executive, not a friend to business, and not a capitalist?
The ONLY thing that makes any sense at all is that Obama is PURPOSELY trying to destroy this country for the world order. Why is it that ALL the news agencies don't see this, but instead give "cupcake" interviews to try to make themselves look good as they retire and get an autograph?
I have been in business 35 years and never needed the SBA. Give a hand not a handout.
So "innovation will drive the economy" huh? bullcrap, just like everything else he says and does.....
Dear Mr Obama,
Small business and unemployment should get reform, all unemployed people are under the idea they are getting so much for doing so little. One person I talked to both the husband and wife are out of work. They recieve 600+ in food stamps Medical coverage from the goverment and 750 a week unemplyment together. If she gets a job for 200.00 a week they loose the med and food stamps. They also live rent free with a relitive. Reform of unemplyment: you go down and register at unemplyment and they give you a list of places to go to work in the $ amount you would recieve. I for one as a small business could hire a couple people imediately. The unemployment check would go to the small business and they would give that amount to the worker refered by unemployment and a form would be filled out for them to collect it from the goverment. The employee can work just like any other worker and at the same time look for a job if they would like to change occupations just like anyone else. The unemployment to the small business would run out either when that individual left or the time expired for unemployment. This makes the idea of a freeloader go away and would help small businesses greatly, You would not have to give incentives for small businesses to hire they would get a worker for much less than if the had to hire which most cannot do. It would help them get on there feet and when the unemployment runs out they would be in much better shape to continue to hire the person they got to do the job.
Second if you realy think school teachers should be rated by the job they did instead of tenure and hold them responible (which i think is a goo idea) You also should hold your house of rep. and cabinets also fully responable. I have taken many cuts and got rid of a great emplyee. Do to decisions by our gov. I have had to reform my business to survive. I had to cut from the top down. Not once do I see the top people in Higher gov shaving there income to help america however they do seem to continually get raises. I have to by my lunch and so should they (There is over 1 Mil you can cut). They should be held accountable just like anyother employee. Thank You for listening.
And the profit rich oil companies still get their free billions. And the lazy farmers still get paid to not plant their land. What a racket!!!!!!!
Everything this idiot does is something to hurt America. It is time to get rid of him.
GOOD JOB MR. PRESIDENT... NOW CUT FOREIGN AID BY 30% AND THE AGRICULTURE
DEPT BY 100% ALONG WITH ALL THE UNNECESSARY GRANT PROGRAMS... AND WE WILL HAVE A GREAT START
So you wanted Iraq to continue its MASS MURDERS of 100,000 men, women and even children, thrown into MASS GRAVES?
Turns out that the billions of free money bush gave to his friends at AIG was criminal too. Also Bush and Chaney both need to go to jell for war crimes and they should be convicted by America for blowing billions on a stupid and illegal invasion of a Iraq ! ! ! Yeah, Obama is also throwing our money away. There is no party for the people. And no the tea party wants to eliminate Social Security. That will throw millions of old people out on the street in the future. DUMB! ! !
The ONLY thing that makes any sense at all is that Obama is PURPOSELY trying to destroy this country for the world order. Why is it that ALL the news agencies don't see this, but instead give "cupcake" interviews to try to make themselves look good and get a 15-minute "fame" autograph?
SBA & BANKS WORKING WITH THEM ARE ALL CORRUPT.
He's right. No one that really needs the loan can get it. Don't be fooled, the SBA in 2010 was funded by stimulus funds. Now there budget is going back to normal. Dah! I say abolish the SBA. It's like charity companies...it only creates jobs for the people working there, not really handing out any help to anyone. Abolish the Business Development Co. too. I probably know more about business than they do.
You're right. Get rid of all entitlements that are definitely not necessary. But yourr plan to get rid of welfare just doesn't quite make it. If there are no jobs. But welfare has to be scrutinized more carefully. To be polite, foreigners are getting the jobs and they work as a group -- a gagm to keep citizens of the US jobless. I've been out of work nearly 4 years on and off. I was just recently let go because this group decided they wanted their own kind. I was white. The girl who replaced me was a foreigner and of like kind in the department. She needed the job she said. I found out she needed that job so she could buy nice things for her daughters. And I needed the job because I didn't want to starve.
It is the entitlements that are causing our country so much money. I say cut them in half. Get rid of welfare benefits and all the other junk the government has and make people go out and get a job.
Then we need to cut aid off to all contries. We need the money worse than they do. These African nations that get billions from us for AIDS medications need to understand that it is in their best interests to teach people to keep their pants on!
And.....ditch Obamacare.....it is just another entitlement program too.
So you wanted Iraq to continue its MASS MURDERS of 100,000 men, women and even children, thrown into MASS GRAVES?
Saddam Housein had not committed ANY "crimes" against his people in over fourteen years when Bush invaded. When he was in prison, they tried to FIND some "newer" crimes to charge him with, and were unsuccessful. The Mass graves you speak of were the killing of antigovernment forces, and George H W supplied the poison gas which was used to kill those people. It was an internal war effort which was supported by the USA at the time.
There should be a law against the type of headline written here. It is implying that Obama is cutting the regular budget of the SBA in half. ACTUALLY, he is doing NOTHING like that. The SBA was given huge amounts in STIMULOUS funds, in the 2010 budget, to help get people jobs. THAT MONEY is NOT in the 2012 budget, because it was a ONE TIME, STIMULOUS FUND PACKAGE. Obama did not just "cut" their budget at all. The Republicans are doing this type of thing with many of the items they are targeting on the 2011 budget, to get the attention of voters, who they KNOW won't read the entire story. If you read the details of the above headline, you will see that what I am saying is correct. Most of the people who are posting here, did not read the entire story themselves.
Obama can forget that high speed rail system he wants built from San Francisco into Silicon Valley..(San Jose) Bay area already has CalTrain,Bart, Amtrak, Only ones wanting that high-speed train built are all the corporations that want it in order to shuffle all their H1b/L1 Visa workers that live along this trains proposed route to and from work in Silicon Valley. So, that rail system would be a big hit, not just for these corporations, it would also be a boost for all these conniving property speculators out here buying up as many properties as they can get their greedy hands on in orede to build more and more row-style townhomes and apartment complexes housing all the massive amounts of incoming new H1b workers. @#*~* Entire area is now looking like anoter Mumbai there's so many of these foreign workers out here. So while everyone seems to be focusing on outsourcing...Nothing much of anything is being done to end "INSOURCING". Our country isn't just falling apart from the outside in, it's just as bad, since it's also happening from the inside out all at the same time.
HELP PULL THE PLUG ON ALL TAX BREAKS FOR ANY & ALL CORPORATIONS/BUSINESSES IMPORTING H1b & L1 VISA WORKERS.
Saddam was no saint OK...He did a lot of bad stuff; both he and his son's. (And these were some serious crimes against human rights) Bush, Cheney and all the rest should be called to account for all the horrific crimes they committed as well. "They outright LIED to the American people to get that war in Iraq". Bush and Cheney should be put in prison until the end of their days on earth. Saddm was surely guilty of a lot of things, and I was gland they cought the filthy demon...But I'm still puzzled why he ended up getting executed the way he was. Sure looked like a deal was struck with the new pro-Shiite government to pull it off.