Politics

Aiming to create jobs, Obama signs Small Business Jobs Bill into law

Yewon Kang Contributor
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Calling it the “greatest victory for American entrepreneurs,” President Barack Obama signed the Small Business Jobs Bill into law Monday. The bill, which provides tax cuts and makes more loans available to small business owners, is aimed at spurring small business hiring in the hopes of creating a half a million jobs.

The measure will give small businesses $12 billion in tax cuts and provide the small business lending fund up to $30 billion through community banks.

The bill also doubles the size of loans that the small business administration can offer — up to $500,000 — to businesses to make investments and allows taxpayers a 50 percent tax write-off for new equipment purchases.

Naming several business owners who joined him Monday, President Obama said 1,400 other entrepreneurs who have been waiting for Small Business Administration loans will receive them in the coming days.

Mike Brey, a small business owner in Maryland who spoke at the House Democrats’ press conference last Thursday, said the bill “drilled down” the key things necessary to help small business owners access capital at a lower cost and open more stores.

Calling the law “imperfect”, Bruce Josten, vice president of government affairs with the Chamber of Commerce, said, “This legislation is a step toward addressing needs of the small business community, but much work remains.”

Republicans last week proposed other tax cuts for small business owners that would allow a deduction of up to 20 percent of their income.