Small Business Finance News
GOP Blocks Small Business Lending Bill
Written by Jenna Weiner
Senate Democrats frustrated by lack of progress on bill to stimulate small business loans.
Republicans in the U.S. Senate recently blocked a bill intended to help increase the amount of lending small businesses are able to obtain.
The Small Business Jobs Act, which would create a $30-billion government fund, was stalled by members of the Republican party, many of whom claimed that the fund was too similar to the bailout of large banks. In addition to creating the lending fund to help community banks, the bill also includes a $12-billion tax break for small businesses, exempting them from paying sales tax.
Senate Democrats expressed frustration at the delay on the bill's progress. Senate Majority Leader Harry Reid said that his party had done everything it could in order to try to come to an agreement, but that they weren't getting cooperation.
"I don't think they want an agreement. We agreed to everything they wanted," said Reid in an interview with CQ Politics. "My frustration is pretty high."
The lack of progress on the lending bill is sure to frustrate President Barack Obama, who made small business news recently when he met with local merchants in New Jersey. The Newark Star-Ledger reports that the president promoted the bill while at the Tastee Sub Shop in Edison, New Jersey.
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