The U.S. Small Business Administration (SBA) used to be a key player in boosting economic growth, but times have changed. Current programs and economic conditions may no longer make the SBA a viable option.

During the pandemic, the SBA offered various loans, such as the Paycheck Protection Program (PPP) and the COVID Economic Injury Disaster Loan (EIDL). Here's a breakdown of the loans:

PPP: The total number of PPP loans made hasn't been disclosed, and the program ended on May 31, 2021.

EIDL: The SBA distributed about $390 billion to almost four million small businesses and nonprofits through the COVID EIDL program. However, there were also over$200 billion in potentially fraudulent loans.

In the fiscal year 2022, the SBA provided over 62,000 traditional loans, totaling nearly $43 billion through its 7(a), 504, and Microloan lending partners. It's essential to note that the SBA has offered more than just loans, including grants and counseling services for COVID-19 relief.

The attempt to address the COVID crisis involved good intentions, but the approach of simply throwing money at the problem resulted in massive fraud.

Small businesses are crucial to the U.S. economy, contributing 44 percent of economic activity. They generate two-thirds of net new jobs and significantly impact the GDP, particularly in sectors like real estate, wholesale and retail trade, and manufacturing.

Bankruptcies are on the rise, impacting small business liquidity, and the SBA's role in supporting growth is in question.

The SBA assists in advocacy, government contracting, entrepreneurial development, and financial assistance. Its loan programs, covering a range of business purposes, make funding more accessible for small businesses by reducing lender risk.

The SBA also plays a significant role in disaster recovery, providing direct loans to businesses and homeowners affected by declared disasters.

The SBA's commitment to equity and sustainability is outlined in its 2022-2026strategic plan, focusing on equitable program delivery, resilient businesses, and efficient resource management.

The SBA provides economic data through its Office of Advocacy, highlighting small businesses' contributions and pandemic effects, aiding policymakers indecision-making.

While the SBA has historically supported small businesses, its relevance may be diminishing. With inflation and interest rates making it challenging for small buyers and sellers, there are concerns about its effectiveness in the coming decade.

Inconclusion, the SBA has been a vital resource for small businesses over the years, evolving to meet changing needs. However, its effectiveness is now in question, and some argue that the government should let the free market drive the economy instead of relying on government intervention.