rssCongress Passes Small Business Bill
Thursday, September 23, 2010 at 3:31 pm
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Today, the House approved the Small Business Jobs Act, a deficit-neutral act to help small businesses grow, access credit, and hire new workers, 237 to 187. The Senate has already passed the legislation, which stalled in the upper chamber from July to September, so it now goes on to President Obama for his signature. He is expected to sign it immediately.
The bill’s signature provision is a $30 billion lending fund to help community banks lend to small businesses. (The more loans a small banks gives to small businesses, the cheaper its credit from the government.) It also expands some Small Business Administration programs, lifts capital-gains taxes for certain investments in small companies and provides $12 billion in tax breaks to small businesses.
The Independent Community Bankers of America, a lobbying group, has estimated the bill might create as many as 500,000 jobs. However, small businesses are suffering from a severe lack of demand as well as a lack of credit. For them to thrive and hire, the economy needs to keep recovering, and faster.
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