Yewon Kang/MNS
President Obama signs the Small Business Jobs bill into law Monday.
WASHINGTON — President Barack Obama signed the Small Business Jobs bill into law Monday, calling it the “greatest victory for American entrepreneurs” to provide tax cuts and make more loans available for small business owners. The goal: spur hiring and create half a million jobs.
The measure gives small businesses $12 billion in tax cuts and increases the small business lending fund up to $30 billion through community banks.
The bill also doublesthe size of small business administration loans to offer up to $500,000 for small businesses to make investments and allows taxpayers a 50 percent write-off for new equipment purchase.
Naming several business owners who joined him Monday, Obama said 1400 other entrepreneurs, who have been waiting for Small Business Administration loans, will receive them within the next days.
Mike Brey, a retailer owner in Maryland who spoke at the House Democrats’ press conference last Thursday, said the bill “drilled down” to key things to help small business owners access capital at a lower cost and open more stores.
On the other hand, while calling the law “imperfect”, Bruce Josten, vice president of government affairs with the Chamber of Commerce in Washington said, “This legislation is a step toward addressing needs of the small business community, but much work remains.”
Republicans last week proposed other tax cuts for small business owners that would allow a deduction up of 20 percent of their income.