Tuesday, September 28, 2010
American on the mend - $42 billion aid to help Small Business
1. Eight (8) new tax breaks to the eight (8) which have already been created during Obama's Presidency (1/2009). Capital gains for expanding business is being eliminated.
2. Low-cost (SBA) loans are or will be available through community banks. SBA Services Direct. Additional eligibility and requirement information is available through a simple web search, try google "SBA loan requirements".
Text and video from CNN 9/27/2010. " approved it on a 61-38 vote last week, with two Republicans breaking a GOP filibuster to join the 59 Democrats in supporting the measure. The House then voted 237-187 on mostly partisan lines to send the bill to Obama's desk." Hurray for two (2) Republican Senators who jumped ship from the party of "no".
As expected, the response from House Minority Leader John Boehner (R-Ohio) was: "Unfortunately, this bill does nothing to help end the uncertainty that is crippling job creation and hurting small businesses...instead it puts taxpayers on the hook for even more bailouts." Hey, isn't Boehner the same House Minority Leader who has been whining that America needs to create jobs?
Note: A few individuals standing behind the President are part of "1400 small business employers who have applied for and will receive these loans immediately". With this assistance total aid to small business will reach $55 billion during the Obama administration.
Commentary. Following the government bail-out of large banks last year, these institutions protected themselves and made loaning money to consumers difficult and scarce. That included small businesses. Now with the support of two (2) Republican votes only, the SBA (government) is able to step-in. This financial assistance will enable small business to grow, and other "ordinary Americans" to gain jobs. Want your America back? This is the old fashion way to do it, put people back to work-- and this is the way government can help, its a "hand up, rather than a hand-out."
Posted by Kathy Meeh