Hare Supports 2 Measures to Invest in Small Business Job Creation

Press Release

Congressman Phil Hare (D-IL) voted for a pair of bills this week aimed at creating jobs through investments in small businesses. The measures, which are fully paid for, would create a $30 billion fund for small and medium sized community banks to leverage up to $300 billion in loans for small businesses and extend and expand important tax incentives.

The Small Business Jobs and Credit Act would create the $30 billion fund with tough performance-based incentives to make sure that these banks lend to small businesses. For instance, banks would face progressively lower interest rates as they increase their small business lending. In addition, the program would only be available to banks with less than $10 billion in assets. Over 90% of eligible banks will be community banks with less than $1 billion in assets.

The Small Business Jobs and Tax Relief Act would provide $3.5 billion in critical tax incentives for new and existing small businesses. Notably, the legislation increases the popular tax deduction for business start up expenses from $5,000 to $20,000.

"Small businesses are the engine of our economy," Hare said. "This new lending fund for smaller community banks will help loosen credit so our small businesses can access capital to expand and hire more workers. In addition, the extension and expansion of small business tax credits will help create even more economic growth."

Source