Unemployment Extension - Senate Passes Small Business Lending Act

A landmark small business jobs bill that aims to significantly improve lending to America’s entrepreneurs, as well as provide around $12 billion in tax cuts to small businesses across the nation, was recently passed by the United States Senate.

The bill aims to help small businesses get increased access to capital, in order to help them stay afloat during these tough times, keep workers employed, and spur the creation of more jobs. This new Small Business Lending Act also improves trade and export opportunities available to small businesses, and it is hoped that this will encourage small businesses to export, as only one percent of small businesses currently do so.

These new incentives are expected to pave the way to achieving a target set by the Obama administration, of doubling exports within 5 years. The bill also increases the access that small businesses have to Federal contracts, and also expands counseling and technical assistance programs available to small businesses, through partnerships with non-profits based all over the US.

This bill, which was sponsored by Mary L. Landrieu (D-La), the Chair of the United States Senate Committee on Small Business and Entrepreneurship, was passed with a majority of 61-38, with Senators George LeMieux, R-Fla and George Voinovich, R-Ohio, also supporting the Democrats in passing this bill.

“The passage of this bill is a long-awaited victory for the 27 million small businesses in America. Upon signature by the President, these businesses will benefit from $12 billion in immediate tax cuts. $12 billion will transfer from the Federal treasury into the hands of small business owners to help them navigate these difficult financial times. It is the right thing to do and the smart thing to do. We could not have passed this legislation without the leadership of the Majority Leader, Harry Reid, Senators Cantwell, Boxer and Merkley and the entire Democratic Caucus who fought so hard for this legislation,” said Senator Landrieu, who added, “Specifically, we owe a special thanks Senators George Voinovich and George LeMieux for crossing the aisle and putting the country ahead of partisan politics.”