SMALL BUSINESS ADMINISTRATION BUDGET AND OPERATION
In the recent SBA budget request for Fiscal Year 2010, the President sought approximately $779 million in new budget authority for the SBA, which includes $101 million for the Disaster Loan program. This funding increase was critical because since FY 2001, the SBA’s funding was cut 28 percent, the most of any federal agency. While the funding in the American Recovery and Reinvestment Act helped to significantly restore resources available to small businesses through the SBA, the Committee has strongly advocated for more resources to be directed to small business assistance. The current financial crisis has disproportionally affected small firms and their employees, and job loss figures show that more than 80 percent of job losses since November were from small businesses. With appropriate and reasonable funding, the SBA can more effectively help our country reduce job losses, bankruptcies and business closures.