Today, the U.S. House of Representatives voted to spur economic growth and create 500,000 new jobs by encouraging the development of American small businesses. The Small Business Jobs Act increases much-needed lending to millions of small businesses, and offers eight new tax incentives to companies, so that they may expand, hire, and fuel our economy.
This important legislation also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas. The bill is fully paid for and will not add a dime to the deficit. With the Senate approval of the bill last week, this small business legislation is now cleared for President Obama's signature.
"Small businesses are the single greatest job generators in our economy," said Congressman Jim Oberstar. "Not only do they employ the vast majority of the people in our workforce, they represent the innovation and creativity that has made America the greatest nation on earth. Our small businesses don't need a handout right now; they need access to capital and tax cuts that will allow them to grow and thrive, and this bill delivers in those two key areas."
The Small Business Jobs Act will help America's 27 million small businesses create new jobs and grow with $12 billion in tax cuts. The legislation will make Main Street businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending for small businesses, along with state grants for small business lending. With tax cuts and access to more capital, our nation's small businesses will be able to put more Americans back to work.
"It's ironic that on the same day that House Republicans stood up and made a "Pledge to America" to help small businesses and cut taxes, they voted against this bill to do that," said Oberstar. "It's clear they are standing up for big corporations, big oil and Wall Street. But Democrats are standing up for the small businesses on Main Street."