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Obama Aid U.S. Small Business

Author : Jessie Stone


In the last several months of partisan debate, the United States President Barack Obama has finally signed the Small Enterprise Assistance Act into law. The bill includes a series of tax cuts and other measures to relax credit conditions, to raise funds to help small businesses and promote employment. Caught in the plight of U.S. funds for small businesses, this is good news; and as the U.S. mid-term elections approach, eager to win over voters for the Democratic Party, it is too long a wait for a victory.

Obama the day after the signing of the bill, said the bill is "American small businesses received a major victory", more than 1,000 small businesses waiting for the bill finally got his wish. In the past two years, the United States adopted a series of measures to stimulate the economy, although this makes the wounded because of the financial crisis battered the U.S. economy out of recession, but many failed to fundamentally improve the plight of small businesses, and some small business financing situation is not optimistic. Some experts said that although in the short term to revive the U.S. economy may not be reality, but to increase efforts to support small businesses will no doubt help the U.S. economic recovery and weak job market to improve the situation.

The latest data showed the U.S. unemployment rate in August rose 9.5% the previous month by 0.1 percentage point to 9.6%. The employment data also show a number of other, unknown situation in the context of economic recovery, the U.S. labor market did not show substantial change. Federal Reserve Chairman Ben Bernanke has said the U.S. regulators and the bank must continue its efforts to increase small business lending efforts to create employment. He said small businesses to gain steady employment and loans to promote economic recovery. Banks and regulators need to find ways to protect small businesses to obtain the necessary loans. Obama said that small businesses are the heart of the U.S. economy is a major driving force to promote employment, the United States 70% of new jobs come from small businesses.

It is learned primarily through the Small Enterprise Assistance Act, and tax cuts for small businesses to provide credit support to help them both out of the woods. Obama said after the signing of the bill, the bill would "do two important things": One is tax cuts, and the second is to make small businesses easier access to credit. Under the Act, the U.S. government will implement, including billions of dollars in tax breaks, credits and other incentives to help small businesses. The Assistance Act will be relaxed by the Small Business Administration loan guarantee provisions for small businesses provide 120 billion dollars in tax cuts, and to authorize states to provide loans to small businesses. In addition, the bill also to the assets of no more than 100 billion dollars in bank loans, to encourage these banks lending for small businesses. However, the bank receiving assistance need to submit on the report of financing to small businesses.

With the U.S. midterm elections approaching, the small business assistance has been given passage of the bill a lot of political implications. Obama signed the bill bluntly expressed his dissatisfaction with Republican obstruction of the bill for continuing the bill after so many months before "late" expressed "regret." In order to promote economic recovery and increase employment, the administration put forward a lot in recent months to stimulate economic recovery plan, but most of the plans is still uncertain. Small Business Assistance Act is to stimulate a recovery plan, because by some Republican lawmakers criticized the equivalent of miniature TARP, the bill once trouble. Was shelved for a few months later, in the forthcoming retirement of two Republican senators George Voinovich of Ohio and Florida Lemieux's help, to break through the bill in the Senate to block Republican difficult "clearance", then after consent and the House of Representatives voted to send Obama ultimately signed into law. Analysts said the final bill can become law, Democrats led by Obama in the upcoming mid-term elections, the American people that they are continuing efforts to save the proof that weak economic situation.

For the evaluation of the bill, the current views of different sectors. Small Business Administration, according to an analysis released report, the total amount of aid programs may be 300 billion U.S. dollars to stimulate lending activity. U.S. Treasury Assistant Secretary for Financial Stability Herbert Allison had previously said the bill would give small banks a clear economic incentive to enable them to increase lending to small businesses. Another expert believes that the bill would create 500,000 U.S. jobs. However, some Republican lawmakers criticized the fund is to rescue the financial industry again. U.S. Republican leader Boehner said that if the U.S. president really wants to help small businesses to cut costs and block should adhere to the rising rate of job creation, especially for small business jobs. In the case can not do that, Obama was to turn to American families and small business support. Mitch McConnell and Republican lawmakers have also expressed a similar view. McConnell said the small business assistance in the passage of the bill, Obama should stop blaming others. "American people want to know, the U.S. government is taking measures to prevent reckless government spending, debt increases, bureaucratic reserving and tax increases lead to job losses."


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Submitted : 2010-10-01    Word Count : 277    Times Viewed: 291