The federal government has now entered its second week of shutdown and people across the nation are feeling the impact, including South Dakotans.
Many South Dakotans have asked, “How will this shutdown impact my business?” The answer - in a multitude of ways.
First, the great South Dakota landmarks that attract tourists from all over the world are not open for business, and as a direct result of these closures, people are cancelling their trips to explore the Badlands and see the faces of Mount Rushmore. These cancellations directly affect many area businesses' bottom lines.
Second, chances are many of us know or are friends with a federal employee. Currently, there are hundreds of thousands of federal employees not receiving their incomes and likely tightening their financial belts. This results in decreased spending which impacts South Dakota businesses.
Finally, if you were planning to start a business and acquire a new loan from the Small Business Administration (SBA), chances are you will be waiting for awhile. In anticipation of the federal government shutdown, the SBA was flooded with applications before October 1. Unfortunately, those applications not processed before September 30 will not be handled until the shutdown is lifted.