(Washington, DC)–U.S. Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-Md.) today issued the following statement on the Trump administration's Fiscal Year 2021 Budget, which proposes millions in additional loan fee increases on small businesses, as well as severe cuts to the Small Business Administration's (SBA) critical small business counseling programs:"With women and minorities driving growth in new business formation, SBA needs more resources to address the specific, historic barriers that entrepreneurs from underserved communities face, not fewer. Unfortunately, the administration's FY2021 Budget, with its 36 percent cut to business counseling programs and millions of dollars in loan fee increases, is just like the last three budgets: bad for business. As we did last year, I call on Congress to once again reject these harmful cuts."

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Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) released the following statement in response to President Trump's 2021 Budget request: "Instead of serving as a blueprint for the future, the Trump budget seeks to slash the funding our small businesses rely on to stay competitive and innovative in a 21st century economy." "I am extremely disappointed that the Trump administration takes aim at the Small Business Administration by proposing to cut the agency's budget by 25 percent, while also proposing cuts to federal entrepreneurial development initiatives by $93 million, a clear disinvestment in the hardworking small businessmen and women across America. With across-the-board cuts to these programs, resource centers such as Small Business Development Centers (SBDCs), Women Business Centers (WBCs), Veteran Business Outreach Centers (VBOCs), and SCORE mentors throughout the nation will find it more difficult to provide technical assistance, mentoring, and education to entrepreneurs, especially in underserved communities.

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Yesterday, President Trump released his plan for the 2018 budget, proposing a budget of $4.1 trillion for the government.With dramatic cuts in taxes—supposedly offset by economic growth and major cuts to government funding—the plan encompasses proposals that have serious implications for the wealthiest and poorest Americans.What about you, the small business owner? What can you expect to see from Trump's budget proposal in the future?

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