Small Business Jobs Act Of 2010
* Ms. RICHARDSON. Madam Speaker, I rise today in support of H.R. 5297, the ``Small Business Lending Fund Act of 2010,'' which will generate small business growth and job creation by providing tax relief, enhancing loan accessibility, and cutting inefficient bureaucratic red tape. H.R. 5297 will create 500,000 jobs without adding a dollar to the deficit and is one of the most crucial steps in our recovery.
* I thank Chairman Frank for his leadership in shepherding this bill to the floor and for his tireless commitment to reenergizing our economy by providing relief for struggling small businesses.
* Madam Speaker, small businesses are the engine of the American economy. They created two-thirds of all new jobs over the last 15 years and currently account for half of all private sector employees, 44 percent of total U.S. payroll, and 97 percent of our Nation's exports. The 16,300 small businesses in my district are vital to our local economy. Ensuring that they have the credit they need to grow is one of my top priorities.
* Many small businesses in my district are ready to make investments, hire new workers, and help grow our economy out of this recession. But because of tight lending standards and a lack of credit, they are being prevented from growing to their full potential and making the investments that our economy needs. Since the financial crisis began in 2008, the number of small business loans is down nearly 5 million.
* This bill takes unprecedented steps to cut taxes and provide credit for small businesses. It gives small businesses $12 billion in tax cuts by: (1) extending bonus depreciation, (2) allowing for 100 percent exclusion of capital gains on investments in small business, and (3) doubling the deduction for startup expenditures.
* The bill also creates a $30 billion Small Business Lending Fund to provide community banks with capital to increase small business lending. The fund is limited to the smallest banks (those holding $10 billion or less in assets) with key performance-based standards to incentivize those lenders to extend new credit to small businesses.
* Madam Speaker, the bold actions taken by Congress and the Administration thus far have stopped the downward spiral caused by years of economic mismanagement. They prevented the Bush recession from becoming a second Great Depression. H.R. 5297 will generate the job creation and economic growth that will mark the next phase of our recovery. I urge my colleagues to join me in supporting H.R. 5297, loosening the credit squeeze, and freeing thousands of small businesses to put us back on the road to prosperity.