*By Christian Smith*
As the partial federal government shutdown enters enters its 27th day, American businesses are beginning to feel the strain.
For Fat Brands Inc. ($FAT) ー which owns a number of fast food brands Fatburger, among them ー the consequences of the shutdown are slowly trickling up to corporate, but president and CEO Andy Wiederhorn said franchisees are thus far bearing the brunt of the shutdown.
"I think it's really much harder on the franchise operators because they're trying to build stores they've already started to build, or they've got a lease signed up and now they need their loan to get going for construction," Wiederhorn said Wednesday in an interview with Cheddar.
With the Small Business Administration closed, small businesses are unable to access SBA-backed loans. The SBA usually manages over 300 loans each day, which [The Washington Post](https://www.washingtonpost.com/business/2019/01/11/congresswoman-calls-trump-restart-small-business-lending-level-anxiety-is-unprecedented/?utm_term=.f50572777f74) reported amounts to roughly $200 million worth of loans for small and midsize businesses.
Small business owners in need of capital during the shutdown must turn to other sources of funding, such as non-SBA-backed loans, which generally come with higher interest rates.
But Wiederhorn noted that every sector of business ー even the major players ー is experiencing negative side effects.
"It's affecting everybody, not just small business, but large business," he said. "It's really very difficult."
For full interview [click here](https://cheddar.com/videos/fat-brands-inc-ceo-explains-how-the-government-shutdown-is-impacting-americas-small-businesses).
Goodbye Summer, Texas Abortion Law & Remembering Michael K. Williams
Cheddar News' Michelle Castillo spoke to former Kipp alumni and Kipp Affirm Middle School principal Dominique Mejia about the precautions it is taking to keep everyone healthy and why it was so important to return back to in-person instruction.
America’s employers added just 235,000 jobs in August, a modest gain after two months of robust hiring at a time when the delta variant’s spread has discouraged some people from flying, shopping and eating out.
The number of Americans seeking unemployment benefits fell last week to 340,000, a pandemic low, another sign that the job market is steadily rebounding from the economic collapse caused by the coronavirus pandemic.
A group of Democratic senators quietly put forth a bill that could reshape domestic manufacturing in the United States.
The nation’s most far-reaching curb on abortions has taken effect in Texas, with the Supreme Court silent so far on an emergency appeal to put the law on hold.
Cheddar asked its Gen Z and Millennial-aged Facebook and Instagram users about several topics including how they use social media, buying cryptocurrency, and the future job market.
Social Security and Medicare, the government’s two biggest benefit programs, remain under intense financial pressure with the retirement of millions of baby boomers and a devastating pandemic putting increased pressures on the two programs’ finances.
The speed limit for most of Paris is now 30 kilometers per hour (less than 19 miles per hour). The new rule takes effect Monday almost everywhere in the city except for a few wide avenues like the Champs-Elysees and the bypass circling the capital.
Cheddar's Chloe Aiello reports on Queens residents who mostly are voicing support for keeping the Open Streets program in New York City even after the pandemic.
Load More