President Obama Pushing Congress to Get Moving on Small Business Initiatives

President Obama is adamant about getting Congress to approve his administration’s  package of tax incentives and loan programs in a timely manner. “This shouldn’t be a partisan issue. This shouldn’t be an issue of big government versus small government,” he said. “This is an issue of putting our government on the side of the small business owners who create most of the jobs in this country.”

Considering, too, that small businesses create two out of every three of the jobs in the U.S., Obama is a “fierce advocate” for the nation’s small business owners who hold dear the belief “that distinguishes us as a nation: that anybody with a good idea and willingness to work can succeed.”

The Obama Administration’s initiative package shown here is quite detailed and before people pick out one point or another, it should be read in its entirety for proper understanding of the overall picture.

The Initiative includes “The Administration continues to work to pass a comprehensive small business jobs package, including new lending initiatives to help creditworthy firms access capital, tax cuts to support investment and expansion, and enhancements to successful Small Business Administration programs. These efforts follow up on actions already taken, including Recovery Act enhancements to SBA programs, a $40 billion Small Business Health Care Tax Credit, and the new hiring tax credit passed through the HIRE Act.”

The three sections of the bill as outlined are:

“I. New Administration Lending Initiatives to Provide Credit to Small Businesses A New $30 Billion Small Business Lending Fund to Support Community and Smaller Banks That Lend to Small Businesses in Their Communities A State Small Business Credit Initiative to Strengthen Innovative State Lending Programs—At a Time When Many are Struggle to Meet Increased Demand in the Face of State Budget Shortfalls
II. Tax Incentives for Small Businesses to Invest and Grow Zero Capital Gains Taxes on Small Business Investments Extending A Provision that Expands Small Businesses’ Ability to Immediately Expense New Equipment Investments “Bonus Depreciation” to Provide Incentives for Businesses to Invest in Plant and Equipment
III. Enhancement of SBA Programs Permanently Increasing Maximum Loan Sizes for SBA Loan Programs Expanding Access to Commercial Real Estate Refinancing Under the 504 Program Supporting Smaller Loans and Early Stage Companies

To read the bill in its entirety, go to USA Today.

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