Small businesses are the backbone of America. As the economy took a dive, small business owners found themselves facing layoffs, cutbacks and even the prospect of closing their doors. On Friday, President Obama met with small business leaders and followed up with a speech urging Congress to pass legislation offering tax incentives and other programs that will give small businesses a boost.

Small business owners are directly benefiting from Recovery Act funding. The vast majority of weatherization and energy efficiency retrofit companies are small businesses. Small business owners are also benefiting from recent legislation that provides tax cuts to companies that hire recently unemployed workers. However, President Obama wants Congress to do more.

“And that’s why I’m urging Congress to swiftly approve a set of tax breaks and lending incentives to spur hiring and growth at small businesses. The legislation that's being debated right now would eliminate capital gains taxes for small investment — for investments in small firms, which will help move capital to these companies across America. It will provide tax relief to small start-ups to encourage folks to open up businesses, as well.” Source: White House

Photo: The White House/Flickr