The Tudor Dixon Podcast: Kelly Loeffler on Trump’s Small Business Boom, Tax Cuts & the 2026 Midterms

Summary

Podcast Summary

Podcast: The Clay Travis and Buck Sexton Show (The Tudor Dixon Podcast)
Episode: Kelly Loeffler on Trump’s Small Business Boom, Tax Cuts & the 2026 Midterms
Date: May 8, 2026
Host: Tudor Dixon
Guest: Kelly Loeffler, Administrator of the Small Business Administration

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Episode Overview

This episode, released during National Small Business Week, features Tudor Dixon in conversation with Kelly Loeffler, the current Administrator of the SBA and former senator, focusing on the state of small businesses in America. The discussion highlights the impact of recent federal policies, specifically under the Trump administration, on small business recovery, growth, and optimism. Together, they examine tax cuts, regulatory rollbacks, energy policy, trade, and upcoming 2026 midterms, emphasizing how these elements intersect with Main Street America and day-to-day entrepreneurs.

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Key Discussion Points & Insights

1. The State of Small Business in America under Trump (03:09–05:11)

• Celebrating Small Business Week:
  Kelly Loeffler expresses her enthusiasm at supporting small businesses, noting Dixon's own personal connection as a family business owner in Michigan.

• Challenges under Biden:
  Loeffler criticizes the previous administration for “crushing inflation” (21% price increases) and an “avalanche” of regulations, saying:

  “Small businesses suffered under Joe Biden’s crushing inflation… The only thing they did was create a war on Main Street. $5 trillion of excessive regulation.” (03:51)

• Recent Improvements:
  She highlights core inflation dropping to 2.6%, aggressive tax cuts, regulatory rollbacks, new fair trade policies, and revived “energy dominance.”

  “The best is yet to come. We’ve made a lot of progress.” (04:55)

2. Energy Policy & Local Challenges (05:11–07:48)

• Michigan & Renewable Mandates:
  Tudor raises concerns over Michigan’s aggressive move to renewables, noting unreliability for manufacturing. Loeffler warns about the risks to jobs:

  “She’s putting literally millions of jobs at risk... trucking companies, construction, manufacturers... may not see Michigan as a place to stay.” (06:15)
  “A lot of these green initiatives have not achieved environmental aims. They’ve served special interests.” (06:40)

• Comparisons to California:
  Both discuss the damages of over-regulation, referencing high costs and population outflows.

• Energy Dominance & Deregulation:
  Loeffler claims U.S. is now “energy dominant,” with “red states embracing all-of-the-above energy” including nuclear and natural gas.

3. The Role of Regulation & the Federal Government (07:48–10:52)

• Challenging Local Overreach:
  Tudor and Loeffler discuss how federal deregulation can “unlock” projects stalled at state/local levels. Loeffler describes her early business experience battling regulators, linking it to her motivation for entering politics.

• Trump’s Common Sense Approach:
  Loeffler hails Trump’s approach:

  “You, you people have common sense. Thank you so much for that because that’s what makes everything work.” [Trump quote, paraphrased] (09:28)

• Permitting and Housing:
  Loeffler references visiting LA communities where federal action pushed past stalled state/city permit barriers.

  “I’ve been out to California to visit the Palisades and the impacted areas in LA County three times. I don’t even think Newsom has...” (10:14)

4. Tax Cuts and Economic Policy Impact (12:13–14:31)

• Misconceptions on ‘Tax the Rich’:
  Tutor notes that “raising taxes on the wealthy” often means more taxes on small businesses, as they’re taxed on gross revenues.

• The Power of Working Family Tax Cuts:
  Loeffler explains how recent policy continued the 20% pass-through deduction, accelerated expensing, and fostered hiring and investment. She provides real business examples from Michigan and Georgia:

  “Thanks to the one big beautiful bill, I’ve built a big, beautiful building... hired 17 more workers.” (13:04)
  “Had the Working Family tax cuts not passed, this nation would have seen a decrease in jobs by about 6 million people.” (13:45)

• Crowding Out Innovation:

  “When mayors and governors turn their back on these types of policies... they’re crushing jobs, crushing opportunity, and creating bigger government bureaucracy.” (13:20)

5. Post-COVID Economic Landscape (17:50–20:13)

• Business Recovery:
  Tudor laments “3,000 restaurants lost in Michigan alone,” and notes the Trump administration brought real growth and opportunity—not “just talk.”

• Contrasting Administrations:
  Loeffler reiterates that Trump’s approach lets workers “keep more of their money,” brings back “made in America,” and restored manufacturing.

  “The Biden administration oversaw some of the biggest fraud... wasting taxpayer dollars, Green New Deal, DEI, things that confuse and set them back…” (18:46)

• Positive Economic Indicators:
  Loeffler says U.S. exports, manufacturing productivity, retail sales are up, but the mainstream media “won’t tell you about” these records.

  “Wages went backwards under Biden and under President Trump, they're going up while more jobs are being created.” (19:40)

6. Tariffs, Reshoring, and Supply Chains (20:13–22:36)

• Tariffs’ Positive Effects:
  Loeffler disputes negative media portrayals, arguing that tariffs “had a minimal effect” for most businesses and led to manufacturing expansion.

  “I was able to go from one shift to three shifts because now people want made in America again.” (21:05)

  • Example: Kusa Steel in Rome, GA went from “one shift a week” to “two shifts, six days a week.”

• Not Zero-Sum:
  Loeffler pushes back against the idea that corporate growth hurts small business, emphasizing interconnections in supply chains (e.g., auto manufacturers' growing use of small U.S. suppliers).

7. SBA Lending, Foreign Investment, and China (22:36–25:36)

• Electric Vehicle Mandates:
  Tudor describes “devastating” disruptions to Michigan’s auto supplier base from rapid EV policies and Chinese battery plant intrusions.

• Record SBA Lending:
  $45 billion in loans to 85,000 small businesses (2025), “1,600 small businesses a week.” Loeffler:

  “I always like to say we’re the most free enterprise agency in the federal government because… we do it at zero subsidy to taxpayers.” (24:32)

• “Made in America” Tools:
  Loeffler shares a story about multi-generational Michigan manufacturers now building equipment for other U.S.-based businesses.

8. The 2026 Midterms & Policy Continuity (25:36–26:00)

• Urgency for Continuity:
  Both urge listeners to “shout from the rooftops” about small business progress as the country heads into midterms.

  “We cannot have these radical socialists come in and stop our small businesses from achieving… Capitalism is the way.” (25:43)

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Notable Quotes & Memorable Moments

• On Regulatory Overreach:
  “You’re pulling the welcome mat out, just saying to job creators, I don’t really care what your costs are... I care about virtue signaling to my base.” – Kelly Loeffler (06:30)

• On Federal Leadership:
  “I think that’s what President Trump does so well... you people have common sense. Thank you so much for that.” [Describing Trump’s remarks] (09:28)

• On Tariffs:
  “If the doom-casting of the mainstream media was right about the tariffs, we’d be in a very different place today. And look at corporate earnings…” – Kelly Loeffler (21:55)

• On Small Business Growth:
  “We have record all-time employment in this nation...record small business formation. That is the power of letting free enterprise run.” – Kelly Loeffler (14:12)

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Timestamps for Important Segments

• 03:09 – Start of interview, National Small Business Week
• 03:51 – Loeffler on inflation, regulation, and economic recovery
• 05:11 – Michigan’s energy challenges & response to Green New Deal
• 07:48 – Regulations, permitting, and federal-state interplay
• 12:13 – Tax policy, effect on “the rich” vs. small business
• 13:45 – 6 million jobs saved by tax cuts
• 17:50 – Post-COVID business environment, “regrowing” Main Street
• 20:44 – Tariffs and reshoring manufacturing
• 21:05 – Success stories (Kusa Steel, others)
• 22:36 – EV mandates disrupting automotive supply chain
• 24:11 – Record SBA loans, “Made in America” success stories
• 25:36 – Call to action for midterms

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Tone and Takeaways

The conversation is upbeat and assertively pro-small business, with a strong tone of advocacy for deregulation, lower taxes, and an “America first” economic policy. Both host and guest frequently cite real-world examples, position current progress in contrast to prior years, and express urgency about sustaining this trajectory through political engagement in the upcoming midterms.

Listeners new to the episode will gain clarity on how national policy changes are argued to have direct, tangible impacts on local businesses and economies, especially in manufacturing-heavy or swing states like Michigan. The episode is rich in policy detail, motivational business anecdotes, and election-year messaging.

Transcript

[Tutor Dixon]

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[Tutor Dixon]

Welcome to the Tutor Dixon Podcast. We have a great episode for you today. We have the administrator of the Small Business Administration with us, Kelly. Administrator Kelly Loeffler. Thank you so much for joining me today, Tutor.

[Kelly Loeffler]

I'm so thrilled to be on with you. This is a great week for small business and to celebrate all the contributions. And I know you're a small business person yourself, so it's really an honor to be talking to you.

[Tutor Dixon]

That's right. So it is National Small Business Week, and Kelly was in Michigan this week, which makes me super happy. And I wanted to ask you all about this because you're right. I do come from small business. We had a family foundry here in the state of Michigan. And obviously, it's very important to me that our small businesses thrive, because I think 90% of the economy here in the state of Michigan is based on small businesses thriving, and they have suffered under this economy. So what is the message to small businesses right now?

[Kelly Loeffler]

Well, look, here's what they suffered under Joe Biden's crushing inflation that cumulatively drove price levels up 21%, the worst inflation in at least four or five decades, if not ever. So you think about starting from there. Small businesses dealing with that, and then the massive regulatory push that the Biden administration did a lot of damage over four years. Green New Deal in particular, it was dei. I mean, it never ended. There was always some new virtue signal that they had to do to some special interest. And the only thing that they did was create a war on Main Street. $5 trillion of excessive regulation, and then finally, fair trade. Where was fair trade? I mean, our jobs for decades have been shipped overseas, our industry, and now we're coming back from that. So my message in all of that to small businesses, in just the space of the year of one year, we've gotten core inflation down to 2.6. We've had a massive tax cut where the Biden administration was threatening a $4 trillion tax increase. We're cutting regulations, We've reestablished fair trade. Now we have energy dominance. And so, truly, the best is yet to come. But we've made a lot of progress.

[Tutor Dixon]

When you talk about regulations, that's something that people feel in Michigan is Exceptionally challenging. Obviously, the governor here was very into the Green New Deal. She has her own promise to be 100% renewable energy by 2040. And I think that we're supposed to be something like 85% by 2035. For, for businesses, especially manufacturing businesses, this is a terrifying thought because this is not a guaranteed energy source. It's not because they, they don't have, they don't care about the environment. It is because that the renewable energy that we're talking about, when we look at solar and when we look at wind, those are not reliable energy sources. So how do we combat that on a state level, when you have a governor who is trying to impose these regulations that would ultimately kill manufacturing?

[Kelly Loeffler]

Well, you make a great point because it takes energy and a reliable and affordable source to run a manufacturing business. And I've seen that when I've come to Michigan time and again. And it's great to see manufacturing coming back in Michigan. But she's putting that all at risk. She's putting literally millions of jobs at risk. If you think about Michigan having 950,000 small businesses, if you tell them, well, we're not going to have a reliable or affordable energy source, they may say, how, you know, trucking companies, construction manufacturers, you know, this may not be the place for me. And you see it in California. I mean, look at California where you've got, you know, $7 gas, people leaving in droves, not starting businesses there. A quarter million people left last year. It's. You're pulling the welcome mat out and just saying to job creators, I don't really care what your costs are or your stability of your business. I care about virtue signaling to my base. And by the way, I think we now, in hindsight, know that a lot of these green initiatives have not achieved environmental aims. They've served special interest. And America is awash in energy. We are now energy dominant around the entire world. You see people leaving OPEC because OPEC is not the powerhouse it once was. America is. And so that's what's exciting, is to see so many states, red states in particular, embracing an all of the above energy portfolio. We're looking at nuclear, we're looking at natural gas, all these things that power the economy. So people are going to vote with their feet ultimately.

[Tutor Dixon]

Well, we think that what you're doing is so important because we are in a purple state. And I think that the folks in California also think what you're doing is so important. Obviously, we've been watching these debates the last couple of days LA Mayor, we've seen the Governor's debate in California and a lot of the conversation that they've been talking about is similar to this regulation conversation. Obviously they haven't been able to rebuild the homes at the rate that they want to. In la. A lot of that is regulatory based. Right. Being stopped from getting the permits that they need, they're getting stopped from moving quickly and forward the way they need to. That's something that we also see here in the state of Michigan. So that's why I think that people want to hear why it's so important to have Republicans in Washington D.C. and this administration in particular, because how do you work to combat what we're seeing on the ground when we're in Michigan, when for my, my folks that are listening in California, there's this overwhelming feeling like, well, we can't fight the local government, but you are able to do things from a regulatory standpoint from Washington D.C. so how have you seen that helping and growing small businesses?

[Kelly Loeffler]

Yeah, certainly it's all about common sense. I mean, people just want the government to get out of the way. It's a big reason that I got involved in politics 15 years ago. I was in a small startup company and we were seeing over and over, why are the regulators pushing against us? We're trying to create something big here in America. And it just got me drawn in. And I think you had a similar experience and just saying we need someone who has common sense to stand up and let people in Washington know what's going on. And I think that's what President Trump does so well. And he talked about it at the White House Monday where he had over 100 small business gathered to kick off National Small Business Week. He said, you, you people have common sense. Thank you so much for that because that's what makes everything work. And so you really have to question the intellectual foundation of some of these pieces of legislation or these ideas. Biden. Look at Biden promising to end fossil fuel. Where does that come from? I mean, 80, 85% of what we use is fossil fuel. We're not going to go back to the Stone Ages. So I think, you know, you see it. You mentioned the permitting in California. I've been out to California to visit the Palisades and the impacted areas in LA county three times. I don't even think Newsom has visited that area three times. And the President has worked on deregulating at the federal level. And we've allowed dozens of permits to go forward now to start building because the city and state simply refused to get out of the way. And, and people see that. And that's why this mayor mayoral race and the governor race, these have become nationalized.

[Tutor Dixon]

And pretty soon we're going to see all of these races become nationalized, I believe, because we're headed into the midterms. We see some pretty wild things happening out in Maine, even here in Michigan, California, obviously, big races. You're going to see big races in Minnesota. All of these messages are going to impact how people are feeling about the country. And I would say that right now, what's coming out of the Small Business association is probably some of the strongest messaging for the president. The president needs to win the midterms. But as we go into the midterms, it's small businesses that are being harmed by people like Zoram Mamdani in New York who are saying, we're going to raise the taxes. You've got Kathy Hochul who's saying, we're going to raise the taxes on the wealthy. But explain how that actually affects the, the, the small, the job creators, the small business owners, people, they say, well, they're the wealthy, but oftentimes they're getting taxed on the overall money that the business is bringing in, not their personal income, which is ultimately running these small businesses either out of business or out of town. So can you give us a little, a little explanation as people are trying to figure out who to vote for in the midterms, how these socialist policies of tax the rich actually hurt the job creators, hurt the small businesses, and they're not necessarily the rich.

[Kelly Loeffler]

Absolutely. So small businesses benefited tremendously by the working family tax cuts. So that's making sure that they got to keep that 20% pass through deduction. It accelerated expensing up to 100% in the year you purchase it. Why is that important? Because it says, I'm going to be able to hang on to more of my money, to do more of it with what I want to do, which is hire and invest and grow. I was in Michigan on Tuesday, went straight from the White House to Michigan, met with a small manufacturer there, Taurus. They're always manufacturers like that. And most manufacturers in America are small businesses. They're always pointing out, oh, thanks to the one big beautiful bill, I've built a big, beautiful building over here where I have new pieces of equipment and I've hired 17 more workers. Down in South Georgia, they're hiring 500 more workers. He started his manufacturing business with an SBA loan. And now, thanks to the working Family tax cut. He wants to double in size thanks to fair trade. When mayors and governors turn their back on these types of policies that let hardworking Americans and small business owners keep more in their pocket, they're crushing jobs, they're crushing opportunity and they're creating bigger government bureaucracy that crowds out all the great innovation and work and job creation that goes on on the ground. And Mondami is a great example where he's saying, you know, I'm going to tax these certain billionair. Well, look, that never stops. Where does it end? Because once the nose is under the tent on taxing someone for this reason, then they're going to come after you because you have a small business and you must be so prosperous that you can pay more. Well, had the working family tax cuts not passed, this nation would have seen a decrease in jobs by about 6 million people because those are small businesses saying the government's holding on to more of my money. I cannot create these jobs. I've got to let them go. So it's really, it has real life consequences and it crowds out all the private, the free enterprise, the private businesses that are now growing. And what's great, you see the jobs numbers. We have record all time employment in this nation. So that's one year after the tax got passed. And we have record all time small business formation. That is the power of letting free enterprise run. That's what this nation was founded on.

[Tutor Dixon]

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[Tutor Dixon]

think it's the power of that, but also it shows what I mean. You've been talking about common sense. It really shows what common sense can do for a country. Because we came out of COVID and there was not growth under the Biden administration. I mean it was the opposite. We saw inflation, we saw companies still going out of business. In the state, state of Michigan alone during COVID we lost 3,000 restaurants. Our small businesses were annihilated here. It's been a regrowth process that has been very challenging. And I don't think people really realize that the Biden administration didn't do anything to help bring that back. There was a lot of talk, but we continued to see prices go higher, businesses go out of business. So what you're saying about this increase in jobs, this increase in businesses, and I assume an increase in overall entrepreneurship, this is opportunity like we've never seen under this administration.

[Kelly Loeffler]

It is. And if you look at the key principles that we focused on, which is letting hardworking Americans keep more of their money, getting regulation out of the way, restoring manufacturing, made in America again. The Biden administration doesn't have anything like that except for having overseen some of the biggest fraud in American history, the wasting of taxpayer dollars, Green New Deal, dei, things that just confuse, that set them back, that cost them money, and really made America just, you know, very stagnant. And a lot of times you hear people talking about pre Covid levels. We're just now climbing back to what pre Covid levels were. So by so many metrics, some other metrics are we're now exporting more than we ever have in our nation's history. Our PMI numbers are growing, which is our manufacturing productivity is growing, retail sales are growing. These are metrics that the mainstream media will not tell you about. And in fact, you know, business media won't even say, hey, these are records because they're so set against this president's agenda. But this is rooting against the success of the American people. But they never called Joe Biden out for rampant inflation, high interest rates, a lack of wage growth. In fact, wages went backwards under Biden and under President Trump, they're going up while more jobs are being created.

[Tutor Dixon]

This is the message that I think people need to hear, because there is a lot of confusion as to what's happening right now. And there has been. You pointed out that the media is not friendly to the Trump administration, which we know, we're not shocked by. But also, the media has not been fair about tariffs and what that has done for small businesses. They like to highlight small businesses who have said, oh, now my, my, prices are higher. What has your experience been with small businesses who have talked to you about the tariff and reshoring production?

[Kelly Loeffler]

Look, the overwhelming response that we have seen is that it was not, if not positive, it had a minimal effect, and it wasn't definitive in the future of their business. Sometimes it was a one time impact and they moved on. Others said I was able to go from one shift to three shifts because now people want made in America again. And I'm hiring and I'm growing and my doors are staying open. Kusa Steele I was with the president in Rome, Georgia and Cusa Steel was down to one shift one day a week. Now they're two shifts six days a week. They're thinking about going to a third. They just couldn't compete against China. So why are we allowing people to become dependent in America on China? Particularly after Covid. We should have learned our lesson then. The Biden administration did nothing about that to reassure. And then, you know, here we come into the Trump administration and we have $18 trillion pouring into this economy. It's never happened in the world. I think the president said that the prior record for foreign investment or regrowing our investment is like 3 trillion. And you see it at every level small business formation, you see stock market records. If the doom casting of the mainstream media was right about the tariffs, we would be in a very different place today. And look at corporate earnings and there's a misnomer that when corporations do well, small businesses suffer. This is not a zero sum game. You look at the auto manufacturers, they use thousands of small businesses as suppliers. So when they're creating record earnings growth they are using more of their supply chain which is increasingly made in America. And that's what's incredibly powerful to restoring our industrial dominance.

[Tutor Dixon]

Well, from, from our state, from the standpoint of automotive, that was a big concern when at just in 2022, when I was running for office, as I would go around the state, there were people that were saying look, as we, we also had that crazy fad where we were going through. We're going to make everything an electric vehicle which was also devastating and shutting, I mean all the parts are different, engines are different. There is no engine, you know, it's totally different. So we have all These historical tier 1, tier 2, tier 3 suppliers in the state of Michigan that are small business owners, but they employ 300 people in the town. You know, this is a significant amount of people. And they were very concerned. They were trying to switch over their business market. They were very concerned that once we ended up with these EV vehicles and the factories were going to be shut down in the state of Michigan, we would have had umpteen small businesses go out and I don't know how the economy here would have recovered. You talked about record numbers. We saw that, that the administration posted on Twitter that in 2025 alone, there was a record 45 billion in lending to 85,000 small businesses. That to me, is such a good sign for us getting rid of all these outsiders. We had a lot of the Chinese coming in trying to buy farmland, Chinese trying to buy land and put battery plants. I mean, that happened here in our state, it's happening in Illinois. To see that number, that has to be so reassuring to you that what you're doing is making a huge difference here locally.

[Kelly Loeffler]

It is. It is. I feel so blessed to serve the President in this capacity, being the cabinet level voice for America's 36 million small businesses. And while we were only able to give out loans or back loans for 85,000, that's 1,600 small businesses a week that got access to capital that could have never done it without the federal guarantee of the sba. And so I always like to say we're the most free enterprise agency in the federal government because these programs that we operate, we do it at zero subsidy to taxpayer. So the community lender pays a small guarantee fee and then the borrower gets their local lender relationship to have that loan. Those loans provide access to capital. It's not just money, it's jobs. It's building out infrastructure. It's the factory that I walked through in Michigan this week, three generations where when they needed a new piece of equipment, they built it. And now they're building equipment for other American manufacturers so that finally when I walk through factories, I can see a piece of equipment that's manufacturing cnc machining, lathing, welding. That piece of equipment is made in America. And that's, you know, it's access to the American dream. So it could only happen under President Trump that we would set a new 72 year record.

[Tutor Dixon]

Absolutely. And that's what I think we need to be. We need to be shouting this from the rooftops as we go into these midterms. People need to understand that this has to continue. This can't slow down. We cannot have these radical socialists come in and stop our small businesses from achieving capitalism is the way. And we appreciate everything you do. Administrator Kelly Loeffler, thank you so much for coming on today.

[Kelly Loeffler]

Thank you, Tudor. Great to be with you.

[Tutor Dixon]

Thank you. And thank you all for listening to the Tutor Dixon podcast. Remember, you can get it at the iHeartRadio app, Apple Podcasts, YouTube, or Run Rumble, wherever you get your podcasts. Just join us next time and have a blessed day.

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[Martha Stewart]

how to make hosting look effortless? Here's a secret Getting ahead of the mess with new Reynolds Kitchens Countertop Prep Paper Just lightly wet the counter beforehand so the paper grips and stays in place. Then lay down the Reynolds Kitchens countertop prep paper so drips and spills stay on the paper, not all over your kitchen counter. You can roll out dough, prep a party spread, or cook alongside family when you're done. Cleanup is as simple as lifting the paper and revealing that clean counter underneath. Effortless. You can use it for cooking and baking, prep and even crafting, especially when you need extra working space. Because when the mess is already handled, you can focus on what matters the food, the people, and the moment. It may look effortless, but now you know it's Reynolds Kitchens Countertop prep Paper. Take a tip from me. Wet it, set it, prep it. Done. Make it easy. Make it with Reynolds Kitchens Countertop prep paper. Available now in the Reynolds Wrap aisle in Walmart, Target, Amazon and Costco.

[Tutor Dixon]

This is Sophia Donner from OK STORYTIME this summer. Find your next obsession on Prime Video and listen. We're not saying you need another obsession, but there could be a lot worse ones. Steamy romance, addictive love stories, and the book to screen favorites you've already read twice, so why not watch them a third time off campus? Elle, the Love Hypothesis and more Slow Burns Second Chances Chemistry you can feel through the screen, and it makes you wish you were actually in that movie. We've got binge worthy series Can't Miss movies. Perfect for when you're ignoring your own problems or procrastinating as one does. Your next obsession is waiting. Watch only on Prime.

[Public Investing Advertiser]

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[Kelly Loeffler]

debut with matchups locked and kickoffs confirmed.

[Public Investing Advertiser]

Be there for every Can't Miss moment. The full NFL Schedule release coming in May. Get all the [e-mail] schedulerelect.