The Small Business Lending Act, a bill authored in large part by U.S. Senator George LeMieux (R-FL), passed the United States Senate this afternoon by a vote of 61 to 38. The measure provides $12 billion dollars in tax cuts for small business, $30 billion to free up capital for community banks to loan to small businesses, and export promotion assistance. The bill will now go to the U.S. House of Representatives for consideration.
"This is about helping small business owners grow their operations, hire more workers, and help improve our economy," said LeMieux, coauthor of the Small Business Lending Act. "I have visited with small business owners all across Florida, and they tell me they cannot grow and create more jobs because banks are not making the loans they traditionally make. Small business is the backbone of our economy creating two out of every three jobs in our country. They need tax relief; they need access to capital. This bill will help achieve those goals, and will not raise taxes or add to the national debt."
Senator LeMieux also included the Export Promotion Act as part of the Small Business Lending Act. The Export Promotion provision would increase the activities and staffing of the Department of Commerce in carrying out its mission to promote U.S. exports. It would also increase the export grants funds available to industry associations and non-profit institutions.
BACKGROUND: A large number of Florida business owners and organizations support Senator LeMieux's efforts including the Associated Industries of Florida, the Florida Chamber of Commerce, the Florida Realtors Association, the Florida Bankers Association, Enterprise Florida, 60 Plus Association, the Florida chapter of National Federated Independent Businesses, and the Florida Auto Dealers Association.