Small Business Finance News

Study: Small Business Owners Reassured By Tax Break Incentives

Written by Jenna Weiner
Published: 3/25/2010

Entrepreneurs say they're confident new incentives will help their businesses, and the economy.

While large companies find themselves downsizing, more and more small businesses are looking to hire.

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Entrepreneurs are hopeful that newly passed tax incentives from the HIRE Act will help the growth trend continue.

In a recent survey by small business website Manta, more than half of small business owners (58 percent) said they believe the tax incentives will boost the economy.

The HIRE Act was signed into law by the president on March 18. It exempts businesses from paying the 6.2 percent Social Security payroll tax until December 2010 if they hire people who have been unemployed for 60 days or more.

The survey was conducted of 556 small business owners, all running companies with 100 employees or fewer.

Fifty-seven percent of small business owners said they would consider hiring new employees if they could benefit from the tax break. Of all respondents, 25 percent said they definitely plan to hire because of it.

In the week since the signing of the HIRE Act, the financial news for entrepreneurs has become perhaps even more favorable.

On March 24 the House of Representatives approved two job creation and small business bills: the Small Business and Infrastructure Jobs Act and the Disaster Relief and Summer Jobs Act.

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