Ashley, who owns a global humanitarian consulting firm in San Francisco, is drowning in over $230,000 debt due to President Trump’s policies affecting her business. She had to lay off all employees and owes $90,000 in leases, $80,000 in credit card debt, and $60,000 to a vendor.

Small business owners like Doug Scheffel are also struggling due to tariffs and economic uncertainty. Scheffel had to lay off 25% of his employees last April when Trump launched tariffs impacting demand for his products. Economist Aaron Terrazas noted that small businesses are facing difficulty accessing financing.

Starting a business comes with significant costs, including incorporation fees and ongoing expenses like insurance, taxes, and real estate leases. The U.S. Bureau of Labor Statistics reports that 20.4% of businesses fail in their first year after opening, with 77% of startups without employees using personal funds to address challenges.

The Ramsey Show hosts recommended that Ashley prioritize her family’s survival and consider getting a full-time job. The U.S. Small Business Administration offers resources for struggling business owners, including counseling, mentorship, and information on funding. Conducting a competitive analysis is key to creating sustainable revenue for a small business.

It is crucial for small business owners like Ashley to seek support and guidance during challenging times. The SBA provides valuable resources to help navigate financial difficulties and make informed decisions about the future of a business.

Read more at Yahoo Finance: Woman blames Trump for $230K business debt. Ramsey Show hosts tell her to ‘batten down the hatches’ and get a new job