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Politics : American Presidential Politics and foreign affairs

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To: TimF who wrote (43447)	5/25/2010 8:02:04 PM
From: DuckTapeSunroof	1 Recommendation Read Replies (1) of 71588

Obama Asks Congress to Approve $30 Billion For Small Business Loans May 25, 2010 2:21 p.m. EST Tom Ramstack - AHN News Correspondent allheadlinenews.com Washington, DC, United States (AHN) - President Obama urged Congress Tuesday to approve a bill promptly granting tax incentives and greater accessibility to loans for small businesses. The $30 billion Small Business Lending Fund would be the next step in Obama’s economic stimulus program that started last year. “This legislation should ensure that credit-worthy small business owners can get the capital they need to expand and create jobs,” Obama told business owners attending a National Small Business Week reception at the White House. The $30 billion in loans in the measure would be distributed through community banks. The House Financial Services Committee passed legislation last week that eliminates capital gains taxes for many small businesses. Getting the same measure through the Senate is more difficult. The Senate bill joins the small business lending fund into a single piece of legislation that includes modifications to the estate tax. The Senate has been unable to agree on the estate tax bill, which has held up progress on approving the small business package. There might still be hope in the Senate. Senate Finance Chairman Max Baucus (D-MT) said he wants to move a small business incentive bill through the Senate more quickly, which could involve separating the legislation from the estate tax. Obama asked the Senate to break the deadlock in his comments to the business owners Tuesday. “I urge both chambers to act on these proposals as soon as possible,” he said. “This shouldn’t be a partisan issue.” The legislation represents an attempt to save businesses that Obama described as “some of the hardest hit by this recession.” Small businesses lost 2.4 million jobs from mid-2007 through the end of 2008, according to White House reports. Over longer periods, they traditionally create about two-thirds of new jobs. Now they lack access to loans as credit markets remain frozen from recession. “It’s been difficult for small business owners to take out the loans they need to open up shop,” Obama said.

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