Issue Position: Small Businesses

Issue Position

Issue Position: Small Businesses

Small businesses are the engines that drive America's economy. They are responsible for half of our gross domestic product and for more than three-quarters of the new jobs created nationwide.

In March 2009 President Obama announced a plan--that I strongly supported--to bolster small businesses. First, the Treasury Department purchased up to $15 billion in securities to free up secondary market lending to small businesses. Second, funds from the recently passed American Recovery & Reinvestment Act have been used to temporarily offset some Small Business Administration (SBA) loan fees and authorize SBA to guarantee up to 90 percent of a loan. Finally, any bank that has received money from the Troubled Asset Relief Program (TARP) has been encouraged to step up lending to small businesses and has been required to report monthly on how much lending they have done to that community.

I am pleased to report that throughout my time in Congress I have worked to pass legislation that enables small businesses to thrive and grow. As part of that effort, I voted for the Small Business Tax Relief Act of 2007.

As a small businessman myself, I will continue to fight for you in Congress by supporting future legislation helpful to small business owners.

Source