Small Business Finance News

Obama Signs Small Business Legislation

Written by Jenna Weiner
Published: 9/28/2010

Will give funding to community banks and tax breaks for small businesses

In the latest news for entrepreneurs, President Barack Obama signed the long-anticipated $30 billion small business financing bill into law after it was passed by both chambers of Congress.

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The bill seeks to increase the amount of lending that community banks give to small business owners at a time when many are finding it difficult to get approved for a loan from bigger banks. Upon signing the bill, the president said that he was confident that the new funds and the $12 billion in tax cuts would help struggling business owners.

"It was critical that we cut taxes and make more loans available to entrepreneurs," Obama said in remarks at the White House. "So today after a long and tough fight, I am signing a small business jobs bill that does exactly that."

While Congressional Democrats were celebrating victory, the Republicans said that passage of the bill would not help the economy recover. Many said that it was similar to the Wall Street bail out, which has been seen as unpopular by many.

Congressional Republicans made headlines recently when they introduced a 21-page "Pledge to America." The document lays out plans, including giving small businesses a tax deduction worth 20 percent of their income.

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