Thursday, September 16, 2010

Congress Passes Small Business Legislation

Economic relief legislation for small business was a hot topic at yesterday's meeting of the Pacific Avenue Business District. Mike Weinman, the Chamber's Government Affairs Manager and Gary Brackett, Business & Trade Manager had been invited to discuss this impending legislation.

News broke that morning that the Senate overcame its deadlock and would be passing relief legislation this week.

In a 61 to 38 vote, the Senate joined the House in passing a bill today which would create a $30-billion small business lending fund. In addition, the bill will provide over $12 billion in tax breaks for small businesses that invest and hire employees.

Sen. Cantwell (in tan) and colleagues count the votes.

The bill would allow local community banks to access the $30-billion lending fund for small business loans. Many small businesses have complained about the inability to obtain loans from traditional big banks.

The bill also includes tax breaks for businesses on the purchase of equipment or shop improvements. Self-employed owners will be able to deduct healthcare costs from the self-employment tax.

The legislation is expected to create 500,000 jobs.

For further information, please see the New York Times article.

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