Senate expected to pass small business bill

Today the Senate is set to approve the small business bill recently pushed by the White House, reports Andrew Taylor of the Associated Press

The legislation — designed to spur loans to credit-starved small businesses and award incentives to expand and hire new workers — provides a $30 billion government fund for community banks along with bipartisan tax provisions.

“At a time when small business owners are still struggling to make payroll and they’re still holding off hiring, we put together a plan that would give them some tax relief and make it easier for them to take out loans,” Obama said Wednesday.

The government lending fund and $12 billion in tax cuts are intended to help small businesses create an estimated half a million jobs.

Click here to read more of Taylor’s report in the Star Tribune.

Many Republicans have characterized the small business bill as a bailout along the lines of the unpopular Wall Street bank rescue effort. Tell us whether you agree or disagree in the comment section below.

 

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