The Small Business Administration has barred green-card holders from receiving SBA loans and will expand that policy to SBA-backed loans from private companies starting in April, the Associated Press reported Monday. Additionally, any business that is even partially owned by a green-card holder will no longer be eligible for a small business loan.
The SBA’s blatantly racist policy is an extension of the administration’s nativist preference that is making the country poorer.
This policy will undoubtedly wreak havoc on state economies that rely on immigrant-run businesses. For example, 99 percent of new jobs in California come from small businesses, and immigrant entrepreneurs account for 40 percent of the state’s economy.
As part of the Trump administration’s sweeping crackdown on immigrants—both legal and undocumented—the SBA’s new policy threatens to further unravel the U.S. job market, which has reached its lowest hiring levels since April 2020.
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