WASHINGTON, D.C. — The U.S. Small Business Administration on Thursday pointed to a surge in Thanksgiving weekend consumer activity as new evidence that small business confidence is rebounding under President Trump’s economic agenda, citing record-setting retail engagement and expanding optimism across Main Street.
According to newly released National Retail Federation data, nearly 203 million Americans shopped between Thanksgiving and Cyber Monday — the highest total ever recorded. Small Business Saturday alone brought in 62.7 million in-store customers, a 2.6% jump from 2024, while overall in-store traffic approached 130 million for the five-day period.
“With record engagement this past weekend, and record spending projected throughout the holiday season, consumers are sending a clear signal that they are confident in the America First economy,” said SBA Administrator Kelly Loeffler. She said lower prices and higher wages are driving household participation even as small firms prepare to expand hiring and investment in the new year.
Online shopping climbed even faster, with 136 million consumers buying digitally over the holiday stretch, up 9% from last year. NRF projects holiday spending will exceed $1 trillion for the first time, with expected growth between 3.7% and 4.2% over 2024. Federal officials say the numbers reinforce expectations that small businesses will close 2025 in a strong financial position.
Recent business sentiment data appears to echo that momentum. Nearly three-quarters of small business owners expect higher revenues next year, and major business groups report rising confidence levels. The U.S. Chamber of Commerce recorded an all-time high in small business optimism in September, while November’s National Federation of Independent Business survey shows sentiment above its long-term average.
Loan demand is also surging. SBA reported approving $45 billion in loans for 85,000 businesses in Fiscal Year 2025 — the most in the agency’s history — as entrepreneurs seek capital for new startups and expansions planned for 2026.
The agency on Thursday also extended the nomination deadline for the 2026 National Small Business Week awards to 2 p.m. ET on December 22. The annual event, scheduled for May 3–9, will honor standout business owners from all 50 states and U.S. territories, culminating in the naming of the National Small Business Person of the Year. Rules and nomination materials are available at sba.gov/nsbw.
On Friday, SBA announced a separate enforcement action, ordering all 4,300 participants in the 8(a) Business Development Program to submit three years of financial records as part of a sweeping audit aimed at uncovering fraud and abuse. Required documents include bank statements, ledgers, payroll records, and contracting agreements. Firms that do not comply by January 5 may lose eligibility and face additional consequences.
“There is mounting evidence that the 8(a) Program designed for ‘socially and economically disadvantaged’ businesses went from being a targeted program to a pass-through vehicle for rampant abuse and fraud — especially during the Biden Administration, which aggressively prioritized DEI over merit in federal contracting,” Loeffler said. She said the agency is reviewing every participating firm while working with federal law enforcement to investigate misconduct.
The audit follows a series of Justice Department investigations, including a $550 million fraud and bribery scheme involving a former contracting officer and two 8(a) firms. SBA has already suspended multiple contractors and executives tied to more than $253 million in disputed contract awards. The Treasury Department has launched its own review of preference-based contracting totaling roughly $9 billion across its bureaus.
Federal officials say the simultaneous surge in consumer spending and crackdown on contracting abuses demonstrates a two-track effort to bolster the small business economy heading into 2026 — one focused on growth, the other on accountability.
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