The Small Business Administration will lay off 2,700 employees to reduce workforce.

Investing.com — The Small Business Administration (SBA) announced plans to lay off approximately 2,700 employees on Friday. This move will result in a 43% reduction in the workforce. The action is part of a broader initiative by the Trump administration to reduce the federal workforce.

In its statement, the SBA, an organization that provides resources to small businesses, indicated that the layoffs are part of a restructuring effort. The goal of this restructuring is to end the "previous administration's comprehensive social policy agenda," eliminate non-essential roles, and return to pre-pandemic staffing levels. Before the layoffs, the SBA had a workforce of about 6,500. With the planned reductions, the agency's staffing level will significantly decrease, impacting the number of resources available for small businesses.