A $30 billion bill aimed at helping small businesses has become a hot topic in Washington. President Barack Obama trumpeted the bill again today, just before heading on vacation. It is expected to be one of the first orders of business when the Senate resumes September 14.
The Small Business Jobs and Credit Act would direct $30 billion toward community banks, with incentives for those small banks to funnel the money toward small businesses. It also would provide nearly $12 billion in tax breaks for small businesses.
The notion of a “small business lending fund” passed the Senate last month when two Republicans – including George Voinovich of Ohio – crossed party lines and voted in favor of it. The fund was then attached to the larger bill, which still faces a filibuster from Republicans who have expressed concerns that it does not address the root of the problem facing small businesses.
Tennessee Republican Bob Corker referred to the bill as “Son of TARP,” the much-maligned bailout of Wall Street. President Obama replied by accusing the Republicans of delaying the bill for political reasons, not because of any concerns over the content of the bill.
For more details on the bill, read the August Tip of the Month or contact a Barnes Dennig representative at (513) 241-8313.