President Obama Signs Small Business Jobs Act - Learn What's In It
|
Posted By: Jo Ann Brown on September 28, 2010 twelve of the top benefits to small businesses are: •Extension of Successful SBA Recovery Loan Provisions —Immediately Supporting Loans to Over 1,400 Small Businesses: With funds provided in the bill, SBA will begin funding new Recovery loans within a few days of the President’s signature, starting with the more than 1,400 businesses – with loans totaling more than $730 million – that are waiting in the Recovery Loan Queue. In total, the extension of these provisions provides the capacity to support $14 billion in loans to small businesses. The SBA Recovery loan provisions have already supported $30 billion in lending to over 70,000 small business. •A More Than Doubling of the Maximum Loan Size for The Largest SBA Programs:The bill also increases the maximum loan size for SBA loan programs, which in the coming weeks will allow more small businesses to access more credit to allow them to expand and create new jobs. The bill will permanently raise the maximum size for SBA’s two largest loan programs, increasing the maximum 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing related loan from $4 million to $5.5 million. In addition, it will temporarily increase the maximum loan size for SBA Express loans from $350,000 to $1 million, providing greater access to working capital loans that small businesses use to purchase new inventory and take on their next order – allowing them to create new jobs. •A New $30 Billion Small Business Lending Fund:The bill would establish a new $30 billion Small Business Lending Fund which – by providing capital to small banks with incentives to increase small business lending – could support several multiples of that amount in new credit. •An Initiative to Strengthen Innovative State Small Business Programs – Supporting Over $15 Billion in Lending:The bill will support at least $15 billion in small business lending through a new State Small Business Credit Initiative, strengthening state small business programs that leverage private-sector lenders to extend additional credit – many of which have been forced to cut back due to budget cuts. •Eight New Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest: The President had already signed into law eight small business tax cuts, and on Monday, he is signing into law another eight new tax cuts that go into effect immediately. ◦Zero Taxes on Capital Gains from Key Small Business Investments:Under the Recovery Act, 75 percent of capital gains on key small business investments this year were excluded from taxes. The Small Business Jobs Act temporarily puts in place for the rest of 2010 a provision called for by the President – elimination of all capital gains taxes on these investments if held for five years. Over one million small businesses are eligible to receive investments this year that, if held for five years or longer, could be completely excluded from any capital gains taxation. ◦ Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments: The bill increases for 2010 and 2011 the amount of investments that businesses would be eligible toimmediately write off to $500,000, while raising the level of investments at which the write-off phases out to $2 million. Prior to the passage of the bill, the expensing limit would have been $250,000 this year, and only $25,000 next year. This provision means that 4.5 million small businesses and individuals will be able to make new business investments today and know that they will earn a larger break on their taxes for this year. ◦Extension of 50% Bonus Depreciation:The bill extends – as the President proposed in his budget – a Recovery Act provision for 50 percent “bonus depreciation” through 2010, providing 2 million businesses, large and small, with the ability to make new investmentstoday and know they can receive a tax cut for this year by accelerating the rate at which they deduct capital expenditures. ◦ A New Deduction of Health Insurance Costs for Self-Employed:The bill allows 2 million self-employed to know that on their taxes for this year, they can get a deduction for the cost of health insurance for themselves and their family members in calculating their self-employment taxes. This provision is estimated to provide over $1.9 billion in tax cuts for these entrepreneurs. ◦Tax Relief and Simplification for Cell Phone Deductions:The bill changes rules so that the use of cell phones can be deducted without burdensome extra documentation – making it easier for virtually every small business in America to receive deductions that they are entitled to, beginning on their taxes for this year. ◦ An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses:The bill temporarily increases the amount of start-up expenditures entrepreneurs can deductfrom their taxesfor this year from $5,000 to $10,000 (with a phase-out threshold of $60,000 in expenditures), offering an immediate incentive for someone with a new business idea to invest in starting up a new small business today. ◦A Five-Year Carryback Of General Business Credits:The bill would allow certain small businesses to “carry back” their general business credits to offset five years of taxes – providing them with a break on their taxes for this year – while also allowing these credits to offset the Alternative Minimum Tax, reducing taxes for these small businesses. ◦Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Business:The bill would change, beginning this year, the penalty for failing to report certain tax transactions from a fixed dollar amount – which was criticized for imposing a disproportionately large penalty on small businesses in certain circumstances – to a percentage of the tax benefits from the transaction. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
 |
Jo Ann Brown
St Louis Examiner, Retired Lincoln University -Missouri class of 1974 Member Since September 2007 |
Comments
 |
Thank for posting this very important information.
Tuesday, September 28th 2010 at 3:17PM |
 |
YES WE CAN!!!
Tuesday, September 28th 2010 at 3:41PM |
More From This Author
Latest Blogs
 |
Low, Mid, or High Fade? How to Find the Right Balance for Your Hair and Personal StyleA fade haircut can completely change the appearance of a hairstyle without requiring a dramatic change in length on top. By gradually transitioning from shorter hair around the sides and back to longe ...more
boyce fane • 27 Views • October 24th, 2026 |
 |
Low, Mid, or High Fade? How to Find the Right Balance for Your Hair and Personal StyleA fade haircut can completely change the appearance of a hairstyle without requiring a dramatic change in length on top. By gradually transitioning from shorter hair around the sides and back to longe ...more
boyce fane • 25 Views • October 24th, 2026 |
 |
Build your income, Create Options, Use Low cost income building strategyhttps://mygreatlifepay.com/ref/juniques/2/
This is part of the a financial building stairstep strategy.
Build one source of income to help create another source of income.
If your dollars are ch ...more
rickey johnson • 134 Views • October 23rd, 2026 |
 |
Hydration and health: Why water matters more than most people realiseAn image of a healthy person drinking fresh water outdoors on a bright day.
Water is one of the most basic requirements for life, yet it is often overlooked in discussions about health and wellness ...more
Joel Savage • 102 Views • October 23rd, 2026 |
 |
Today's children, tomorrow's leaders in an uncertain, changing worldAn image showing children from diverse cultural backgrounds standing together in a bright outdoor setting, with hope, resilience, education, and leadership in an uncertain world.
The children of ...more
Joel Savage • 95 Views • October 23rd, 2026 |
Popular Blogs
 |
Divorce in America in 2009 – What’s love got to do, got to do with it?
Join Brother Marcus and the cast and the crew of the Brother Marcus Show live this Sunday evening on February 1, 2009 @ 8:00 p.m. for another hot topic in our community! “Divorce in America in 2009 ...more
Brother Marcus! • 75,710,928 Views • January 27th, 2009 |
 |
VISINE ALERT!!!Seemingly innocent medication such as Visine eyedrops are used by people to concoct a mixture with similar effects as a date-rape drug.
When mixed with alcohol and taken orally, the eyedrops can l ...more
Siebra Muhammad • 122,819 Views • May 23rd, 2009 |
 |
"Chain Hang Low" check out the real meaning of the Lyrics!Recently there is a new artist out of Saint Louis that goes by the name JIBBS. Jibbs debut single "Chain hang low" has a history that most people are not aware of. The particular nursery rhyme that th ...more
Tyhesha Judge-Fogle • 81,837 Views • November 9th, 2006 |
 |
HBCU Marketplace Gifts: Divine 9 Premium Fraternity / Sorority Playing CardsVendor: Charles Jones
Item Price: $20.00
Price Includes Shipping: Yes - Shipping Included
Item Description:
Pantheon Series - Divine 9 - Premium Playing Cards (choose Gold Series or Silve ...more
Hija Chang • 64,840 Views • December 2nd, 2018 |
 |
Black College Student Sentenced to 12 Years in Prison for Kissing a White GirlAlbert N. Wilson, a former University of Kansas student, has been sentenced to 12 years in prison and a lifetime of probation after being convicted by an all-white jury of raping a white teen girl. Bu ...more
Roger Gates • 57,564 Views • June 4th, 2020 |
