Small Business Owners blame Washington gridlock for stalled economy

Small business owners are pointing to the continuing partisan gridlock in Washington as the reason the U.S. economy continues to lag, according to a new survey by Newtek Business Services.

The SB Authority Market Sentiment Survey included a poll of more than 1,800 small business respondents, with 60% of business owners stating they believe uncertainty in Washington has had the greatest negative effect on the economy. Meanwhile, 22% believe income tax increases have had the greatest negative effect on the economy and 18% believe payroll tax increase had the greatest negative effect.

Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, “With all of the data obtained in today’s society, our independent business owners are still most concerned over the confusion and uncertainty in Washington. Despite payroll tax increases, Obamacare, and a weak economy, the uncertainty over what the Federal Government is doing to the business climate is our small business clienteles’ biggest worry. The uncertainty and lack of confidence in Washington continues to put a damper on future decision making, risk taking and economic forward thinking.”

Newtek Business Services, Inc., The Small Business Authority, is a direct distributor of a wide range of business services and financial products to the small- and medium-sized business market under the Newtek™ brand. Since 1999, Newtek has helped small- and medium-sized business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses and to compete effectively in today’s marketplace.

Newtek provides its services to over 100,000 business accounts and has positioned the Newtek™ brand as a one-stop-shop provider of such business services. According to the U.S. Small Business Administration, there are over 27.5 million small businesses in the United States, which in total represent 99.7% of all employer firms.