SMALL BUSINESS JOBS ACT OF 2010 -- (House of Representatives - September 23, 2010)
Mr. NEAL. I thank the gentleman.
Madam Speaker, I stand in support of this small business jobs bill. There is no cute title for this bill. It's simply about small businesses and jobs. It injects funding into small businesses in two ways.
First it does through the creation of a $30 billion lending fund for community banks. Many have complained that while community banks have money, they aren't positioned to lend. This fund makes favorable repayment rates contingent upon lending to small business.
Second, the bill provides $12 billion in enhanced tax benefits for small businesses, which will encourage hiring and investment. It will allow small businesses to carry back the general business credits for 5 years, and they will provide cash in hand today rather than sitting on the credits that they eventually cannot claim. All of this will allow small businesses which may be on the fence about committing new funds, new investments, upgrades in equipment, or retaining or rehiring workers to spend the funds necessary to get back to work.
This is a very decent, reasonable piece of legislation. We ought to embrace it. It will have ripple effects throughout our economy.