As reported By CNN, President Obama used an appearance at a small business in Washington to again call on Congress to pass small-business legislation that he says will help strengthen the American economy.
The Small Business Jobs and Credit Act is stalled in the Senate.
"It is so important to pass this jobs bill for America ' s small businesses. That' s where most of our jobs are created. And small businesses have been especially hard-hit by the economy," said Obama, speaking at Gelberg Signs.
The bill would authorize the creation of a $30 billion lending fund. The Treasury Department would run the program, which would deliver ultra-cheap capital to community banks, defined as those with less than $10 billion in total assets.
Other key components of the bill would provide $12 billion worth of tax relief for small businesses between 2010 and 2020, according to a preliminary estimate from the Joint Committee on Taxation. The bill also would increase Small Business Administration loan limits and extend loan sweeteners through the end of the year. Full Story
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