More help for small business owners is on the way after the House of Representatives approved a long-delayed bill and sent it to president Obama for his signature. Rep. George Miller (D-Martinez) voted for the Small Business Jobs Act to spur economic growth and create 500,000 new jobs.
The bill increases much-needed lending to millions of small businesses, and offers $12 billion in new tax incentives to companies so that they can expand, hire, and fuel economic activity. The bill also keeps jobs in America by closing tax loopholes that reward corporations that ship jobs overseas. Rep. Miller and his Democratic colleagues had repeatedly called on Republicans in the Senate to stop blocking this legislation because it will that provide critical assistance to small businesses. The bill had been delayed for months by a Republican filibuster in the Senate. In the House, only one Republican voted for the measure.
"This bill will help small businesses in our community," said Miller. "Everyone knows the important role small businesses play in our economy and creating jobs. We've counted on small businesses to drive our economy for decades. During the past year and a half, Congress has approved numerous bills to lower taxes for small businesses, to help them better afford health care for their employees, to reduce their business and increase their access to loans. But Democrats had to do all of this on our own in the face of constant obstructionism by the House and Senate Republicans who have voted no on every bill. That's been a shame because it has held up desperately needed aid. Until now. Increased access to loans and new tax cuts will both help keep jobs in America and allow small businesses to make it in America."
The Small Business Jobs Act will help America's 27 million small businesses create new jobs and grow by providing $12 billion in tax cuts for these businesses. It 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. The bill also will help expand small businesses' access to loans by lowering Small Business Administration loan fees and raising loan guarantee and lending limits. With tax cuts and access to more capital, our nation's small businesses will be able to put more Americans back to work. The costs of this bill are fully paid for by ending insidious tax breaks that encourage companies to ship jobs overseas.