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Public Statements

Providing For Consideration Of Senate Amendment To H.R. 5297, Small Business Jobs Act Of 2010

Floor Speech

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Date:
Location: Washington, DC

Providing For Consideration Of Senate Amendment To H.R. 5297, Small Business Jobs Act Of 2010

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Mr. Speaker, I rise in strong support of this rule and the underlying bill, the Small Business Jobs and Credit Act.

You know, my good friend the gentleman from Illinois was exactly right. The district I represent in western Wisconsin, the small businesses and the family farmers really are the backbone of our regional economy.

What this legislation does is continue a lot of the tax relief that was contained in the American Recovery Act in an attempt to help these small businesses and family farmers to stay sufficiently capitalized during this very tough and difficult economy.

This bill will continue the 100 percent exclusion of small business capital gains. It has immediate expensing, accelerated depreciation, a net operating loss carryback. So if you're a business experiencing a loss this year, you can offset that immediately with the previous year profits to help them with their liquidity and keep them capitalized.

But it also deals with, I think, one of the detriments to further job growth for these small businesses, and that's the tight credit market. That's why the extension of the SBA 7(a) and 504 loan program is incredibly important to helping these small businesses get the lines of credit and the operating loans that they need to continue operating and to hire people.

And it creates a new Small Business Lending Fund. If there was one criticism many of us had with the TARP intervention, it was that that intervention did not come back to Main Street to help small businesses. This legislation addresses that through a voluntary program with local lenders who chooses to participate, where they can reduce the interest rate that's charged to them depending on the number of small business loans that they get out the door. We need to support this bill and support small businesses. The Chamber of Commerce endorses this bill. I ask my colleagues to support this important legislation.

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