As the economy begins to slowly recover in some sectors and stagnate in others, President Obama focused on supporting America’s small businesses. Small businesses can help create new jobs and give a much-needed boost to the nation’s financial situation. After months of hard work, President Obama was able to sit down yesterday and sign the Small Business Jobs Act.
With a smile on his face and passion in his heart, President Obama talked about why this bill has been so important to him.
“Now this is important because small businesses produce most of the new jobs in this country. They are the anchors of our Main Streets. They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed. That’s what leads a worker to leave a job to become her own boss. That’s what propels a basement inventor to sell a new product — or an amateur chef to open a restaurant. It’s this promise that has drawn millions to our shores and made our economy the envy of the world.”
As is the case with most of our nation’s laws, the Small Business Jobs Act includes a plethora of provisions but a few of the highlights follow:
- The maximum loan size for Small Business Administration (SBA) loans will more than double, which allows small business owners easier access to more credit so they can expand their operations and hire more workers.
- The new small business legislation creates a $30 billion Small Business Lending Fund, which provides capital and encouragement to small banks for small business lending.
- Several small business tax cuts including zero taxes on capital gains from certain small business investments, an enhanced system for immediate expensing of capital investments, a health insurance deduction for self-employed individuals, and a simpler process for cell phone deductions.
Photo: J. Scott Applewhite/AP