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.