Everett Woodel, director of the Columbus, Ohio, district of the SBA, was named acting administrator on January 20, 2025.

[8] The SBA was created on July 30, 1953, by Republican President Eisenhower with the signing of the Small Business Act, currently codified at 15 U.S.C.

The 7(a) Loan Guarantee Program is designed to help entrepreneurs start or expand their small businesses.

According to the SBA website, it can be used for working capital (both short and long term), refinancing debt, and purchasing furniture, fixtures, and supplies.

[15] Homeowners and renters are eligible for long-term, low-interest loans to rebuild or repair a damaged property to pre-disaster condition.

This is an improved approval time than after Hurricane Katrina, over 15 years ago, when the SBA processed applications in about 74 days on average.

The IRS will withhold any tax refund expected by the former business owner and apply the amount toward the loan balance.

[19] Approximately 900 Small Business Development Center sites are funded through a combination of state and SBA support in the form of matching grants.

Programs managed by the OWBO provide services to disadvantaged woman entrepreneurs to assist in increasing their competitiveness in the modern business world.

The current rule on the Women's Business Center Program is outlined under Title 15 of the US Code, 2019 Edition, Chapter 14A.

[24] New rules were applied to the code by the US Small Business Administration, effective January 1, 2020, as outlined in the Federal Register document, Volume 84, No.

[25] This rule document was put in place in order to make the Women's Business Center Program more transparent in reporting on progress and financial allotments, as well as providing improved standardization overall.

[citation needed] WBCs are designed to assist women in starting and growing small businesses, though their services are available to all.

[citation needed] Women's Business Centers are mandated to serve a significant number of socially and economically disadvantaged individuals.

[29] In 2016, SCORE's more than 10,000 volunteer mentors helped their 125,000 clients create 54,072 small businesses, adding 78,691 non-owner jobs to the U.S.

In addition to mentoring, SCORE also offers free and low-cost educational workshops each year, both online and in-person.

However, on July 19, 2023, a US district court ruled that this presumption is unconstitutional because its use of racial discrimination doesn't pass the strict scrutiny standard.

It has increased jobs for thousands of people across the Nation, and many of the successful firms had impacted their communities with internships, college funding, and more.

On April 17, 2020, the SBA approved $20 million in forgivable loans to Ruth's Hospitality Group, a publicly traded company, as part of the Paycheck Protection Program.

In response, the SBA sent a demand letter to Planned Parenthood requesting that they return the improperly received funding.

[46] In December 2020, according to data released after a federal lawsuit filed by several news organizations under the Freedom of Information Act challenging the SBA's refusal to release records on borrowers and loan amounts relating to the government's Paycheck Protection Program, it was revealed that more than half of the money from the Treasury Department's coronavirus emergency fund for small businesses actually went to bigger small businesses representing just 5 percent of the recipients.

This article incorporates public domain material from websites or documents of the National Archives and Records Administration.