Small businesses are the engine of our economy, creating two-thirds of new jobs over the last 15 years. America’s 27 million small businesses continue to face a lack of credit and tight lending standards, with the number of small business loans down nearly 5 million since the Bush Recession started in 2008. That is why the Democratic-led Congress has put small business at the center of our economic recovery, improving access to credit and enacting 16 tax cuts in the last two years—despite continued Republican efforts to block and delay action.
On September 23rd, the House passed Small Business Jobs Act by a vote of 237-187 to create 500,000 new jobs, expand much needed lending, and offer tax incentives to help small businesses grow. The bill:
Gives small businesses $12 billion in tax cuts to spur investment, growth, new starts and hiring
doubling and enhancing small business expensing and extending bonus depreciation
allowing for 100% exclusion of capital gains on investments in small business
doubling the deduction for start-up expenditures
allowing self-employed taxpayers to deduct health costs for payroll tax purposes
Leverages up to $300 billion in private sector lending for small businesses, along with state grants for small business lending
Expands small business access to private capital to finance an expansion and hire new workers
Helps Main Street businesses compete with large corporations
Doesn’t add a dime to the deficit—is fully paid for over 10 years, closing tax loopholes and reducing the tax gap
Last Thursday, Speaker Pelosi joined small business owners and advocates at an enrollment ceremony to send the bill to President Obama:
And this afternoon, President Obama signed the bill into law:
Speaker Pelosi on today’s signing:
With the President’s signature today, the Small Business Jobs Act will become law, and we will mark a great victory for America’s small businesses. We will cut their taxes, provide them with greater access to credit, and help them create half a million jobs—all without adding a dime to the deficit.
By lowering their taxes even more than this Congress already has and improving their access to hundreds of billions of dollars in loans, small businesses will be able to invest in the innovation that leads to job growth and economic prosperity. Our actions will make them, and our entire economy, stronger.
Nearly every House Republican opposed what the National Small Business Association called ‘landmark legislation’ – demonstrating, once again, the Republicans’ interest in taking us back to the ‘exact same’ failed policies that lined the pockets of many on Wall Street and weakened small businesses. Democrats are moving America forward and fighting on behalf of a growing, thriving small business community.