New Bill Gives Tax Cuts and $30 Billion in Loans to Small Businesses

Submitted by greenamerica on October 7, 2010

President Obama signed a bill to help small businesses expand and hire by cutting their taxes and creating a $30 billion loan fund, with the goal of creating incentives that will help small businesses right away.

The bill creates a government fund to help encourage lending to small businesses, many of which have been having difficulty securing bank loans and credit. The fund will be available to community banks, which could use the money to leverage billions more in loans. The legislation also includes about $12 billion in tax breaks for small business — eight separate tax cuts that take effect immediately. One such provision increases to $500,000 the amount of investments that businesses would be allowed to write off this year and next.

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