Small business owners will likely be seeing fewer regulations in the future.
President Donald Trump signed an executive order Jan. 30, promising that for every new regulation proposed and implemented during his term, two would be eliminated. The order comes after a year and a half of then-candidate Trump expressing his intent to slash regulations for businesses while on the campaign trail. Earlier in the week, Trump told small business owners that he would like to cut as much as 75 percent of business regulations.
“This will be the biggest such act that our country has ever seen,” Trump said before signing the order flanked by small business owners. “There will be regulation, there will be control, but it will be a normalized control where you can open your business and expand your business very easily.”
The rule sets the framework for the president to achieve his agenda of fewer government regulations that he has repeatedly said stifles business growth. In order for a regulation to gain approval, officials must target two existing regulations that equal the cost of the new regulation for removal per the order.
“As [business owners] know better than anybody, it’s almost impossible now to start a small business,” Trump said. “And it’s virtually impossible to expand your existing business because of regulations.”
If you’re a business owner who feels burdened by the cost of regulation, another option to get the cash you need to grow your business is from a small business loan through an alternative lender. Applicants get approved for a loan in as little as 24 hours, and they don’t have to worry about getting rejected because of onerous credit requirements that traditional banks usually have to get a loan.