Rep. Hank Johnson (GA-04) today voted for legislation that will leverage $300 billion in lending for small businesses and create hundreds of thousands of jobs.
The legislation, which expands much-needed lending to small businesses and offers tax incentives to help America's small businesses grow, is fully paid for and will save taxpayers $1 billion over the next 10 years.
"This bill will create jobs and help boost the quality of life in our communities," said Johnson. "Small businesses are the economic engine that fuel job growth and will propel our continued recovery. This will give our small businesses the tax cuts and lending they need to be flexible and grow."
The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new $30 billion lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
The Small Business Jobs and Credit Act offers tax incentives to spur immediate investments in America's small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
"This legislation is just another part of our ongoing effort to create jobs and put our economy on sound footing for the future," said Rep. Johnson. "Last year, almost half of the small businesses seeking loans were unable to meet their credit needs. That is unacceptable. Democrats in Congress realize the importance of supporting Main Street as we work together to recover from the failed policies of the Bush-era and its recession."
Johnson also supported the Recovery Act, which extended bonus depreciation for small business capital and equipment investments, doubled small business tax write-offs for capital investments, cut the capital gains tax on investors in small businesses, and eliminated all fees on SBA-backed loans.