Senate Prepares New Bill For Small Businesses
Written by Ken Gaebler
Democratic senators are currently working on new legislation to aid small businesses.
A new report from Reuters has outlined a small business bill currently in the works in the U.S. Senate. The bill from Democratic lawmakers could provide good news for small businesses in the form of increased access to loans, government contracts and overseas markets.
Lawmakers told the news agency that the bill is still being put together, but it could include provisions which have been suggested by the president or already passed by the House of Representatives.
Democratic senator Debbie Stabenow told Reuters that the bill is "a priority once we get it all together," saying she was "very confident that [the Senate] will have the necessary floor time to pass it."
Among the provisions of the bill would be a limit increase on Small Business Administration loans from $2 million to $5 million, a rerouting of money from the Troubled Asset Relief Program to small business loans, the elimination of capital gains taxes on small business stock, and an expanded tax deduction for startup costs.
While Congress works on new legislation, the White House has been on a mission to educate small businesses about how the recently signed healthcare reform will affect them. A major focus has been the tax credits, which the Congressional Budget Office said are expected to save about $40 billion for small businesses over the next nine years.
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