President signs bill to create 500,000 jobs, help small businesses grow
Today, President Obama signed into law a bill that will create 500,000 new jobs and grow American small businesses – all without adding a dime to the deficit.
The passage and signing of the bill represents a hard fought victory for small businesses. Republicans have now voted against 15 of the 16 tax breaks for small businesses enacted by this Congress, despite their claims to support small business tax breaks.
Here’s how the Small Business Jobs Act creates jobs and benefits small businesses:
Provides lending to millions of American small businesses
Small businesses will now have access to $300 billion in private lending to grow their businesses and create jobs. The Act also creates a new Small Business Lending Fund to provide community banks with additional capital to lend to small businesses.
Offers 8 new tax incentives to companies to expand, hire, and grow our economy
The Act provides $12 billion in tax cuts to spur job creation, growth, and investment. The tax credits will help businesses buy the equipment they need to grow, make it less costly to start a new business, and enable self-employed taxpayers to deduct health care costs for payroll purposes.
Closes tax loopholes that reward shipping American jobs overseas
We want to see the “Made in America” label make a comeback. This act will help make that happen, building upon our work to end job outsourcing by ending tax incentives for companies that ship American jobs overseas.