Newly Passed Small Business Jobs Bill
Recently, a $42 billion jobs bill passed whose aim is to relieve credit stress for small businesses across the country. Before the president signs it, the bill passed in the Senate on a 61-38 vote will still need to be passed by the House.
The bill includes a $30 billion fund to increase access to lending for small businesses, and $12 billion in tax cuts. The Treasury Department will be authorized to manage the fund according to the bill. The purpose behind the legislation is to provide community banks with a flow of capital because they are the financial institutions largely responsible for lending to the small business community. The banks will give much needed capital and generous tax write-offs to Main Street.
The Benefits of the Bill
Jobs: Supporters say the bill could create 500,000 jobs within the small business community, which, in turn, should give the economy a boost in the arm.
Loans: In current economy, credit has been difficult to come by. This bill means that the loan you needed to support your business during these difficult times might be within your grasp now.
Tax Cuts: In addition, the bill includes conditions under which small business owners may be eligible for tax relief, including one for the purchase of expensive equipment.
In short, the bill will not only improve chances of securing a loan from community banks, it will also stimulate grants for state-lending programs, which turn into loans. For more information on loans and grants, see the below resources.
Check out these resources to learn more:
- The Small Business Administration: http://www.sba.gov/
- Small Business Loans: http://www.smallbusinessloans.com/
- Credit Process Guide: http://www.newyorkfed.org/education/addpub/credit.html
Questions and Answers
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