Today, Congressman Patrick Murphy (D-PA) voted to spur job creation on Main Street by expanding much needed lending to small businesses to help them grow, hire new workers, and fuel our economy. The Small Business Jobs and Credit Act (H.R. 5297) will help small businesses access the capital they need to create jobs by encouraging new lending by financial institutions.
"I'll continue doing everything I can to support our small businesses through increased lending and tax cuts, both of which help create jobs and get our economy back on track," said Murphy.
"Patrick Murphy understands that small businesses are the engine of our economy and of job growth, and he's fighting to make sure we've got access to capital so we can all keep our doors open and hire more workers," said Carol Mignoni Ferguson, who, along with her family, owns Mignoni Jewelry in Bristol.
The Small Business Jobs and Credit Act (H.R. 5297) establishes the Small Business Lending Fund to expand lending to small businesses looking to create jobs and make new investments. The bill also forms the State Small Business Credit Initiative that provides funding for new or existing state lending programs and the Small Business Early State Investment program designed to help promising small business start-ups through public-private partnerships.
The bill was endorsed by a range of business groups including: National Small Business Association, Small Business Majority, National Association of Realtors, Conference of State Bank Supervisors, Independent Community Bankers of America, American Bankers Association, Biotechnology Industry Organization and National Bankers Association.
On Tuesday, Rep. Murphy voted to pass the Small Business Jobs Tax Relief Act of 2010 (H.R. 5486), which cuts taxes for small business owners and assists entrepreneurs in managing start-up costs associated with creating new small businesses. Rep. Murphy has championed small business tax cuts for the approximately 60,000 small businesses in Bucks, recognizing that small businesses in the 8th District and across the country are the drivers of economic growth and job creation as our economy continues to recover. Two of the most important provisions in the legislation increase the deduction for start-up expenditures and eliminate the tax on small business capital gains, which will encourage investment.
Rep. Murphy has championed a number of additional pro-small business efforts to help companies survive the financial downturn, expand and hire new workers. He voted to eliminate fees on Small Business Administration loans and to establish new loan programs to help struggling entrepreneurs. He also voted to pass tax credits to help local green energy companies like AE Polysilicon and Gamesa make crucial investments in clean technology to create high-paying, green jobs here at home.