For Businesses, A Sigh of Relief

Press Release

U.S. Congressman John Boccieri (D-Alliance) announced today the House of Representatives passed H.R. 5297, The Small Business Jobs Act of 2010. Today's passage in the House of Representatives sends the bill to the President's desk to be signed into law.

"Small businesses are the job-creating engines of the American economy and we need to provide the resources they need to help get our economy back on track," said Boccieri. "This bill provides local communities with tools to expand access to capital for small businesses and offer tax incentives to help small businesses grow and create jobs."

This legislation creates a $30 billion lending program that provides community banks with capital to increase small business lending. It also expands access to capital for small businesses by increasing SBA loan limits, temporarily extending government guarantees, reducing fees, and changing the tax code to encourage business investment. It also frees up business capital, strengthening small businesses and putting them in a better position to grow and create jobs. This bill will benefit more than 900,000 small businesses in Ohio and create 500,000 new jobs throughout America. Specific provisions included in the Small Business Jobs Act can be found here click here.

The Small Business Jobs Act does not add to the national deficit and is fully paid for.

The Small Business Jobs Act is supported by the National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women's Foundation, International Franchise Association, Motor & Equipment Manufacturers, and National Association for the Self-Employed.

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