Investing.com -- The Small Business Administration (SBA (LON: SBA )) announced on Friday its plan to cut approximately 2,700 jobs, resulting in a 43% reduction in its workforce. This move is part of a broader initiative by the Trump administration to reduce the size of the federal workforce.

In a statement, the SBA, an organization that provides resources to small businesses, explained that the layoffs are part of a reorganization effort. The goal of this reorganization is to end the "expansive social policy agenda of the prior Administration," eliminate non-essential roles, and revert to staffing levels that were in place before the pandemic.

Before the job cuts, the SBA had a workforce of nearly 6,500 people. With the planned reductions, the organization’s staffing level will significantly decrease, impacting the number of resources available for small businesses.

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