Is The SBA Cheating Your Business?

The Small Business Administration (SBA) announced its plans to redefine what it means to be a “small business” in the United States. What do these new changes mean for your business?

The term “small business” currently applies to companies with up to 500 employees and annual receipts of up to $7 million. However, starting on November 5, many companies that make up to $35.5 million per year will now be considered small businesses. (As if the term “small business” wasn’t already extended far enough.)

The SBA decided to raise size standards to make more companies eligible for programs reserved for small businesses. The new plan is said to provide increased benefits for 17,000 larger firms who will now be able to take advantage of SBA backed loans and preferential treatment for federal contracts.

But, how will these changes affect the average small business owner who does not have hundreds of employees or bring in millions of dollars each year? How much harder will it be for entrepreneurs like you to access the small business resources your company desperately needs? Read more about the SBA’s plan to redefine what it means to be a small business, and share your thoughts below…

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