Speaker Pelosi: America's Small Businesses Are the Heart of Our Economy

March 16, 2009

Today, President Obama announced plans to take immediate action to help small businesses create jobs by increasing the flow of credit and lowering the cost of borrowing. The President's proposal builds on provisions included in the American Recovery and Reinvestment Act that provide tax breaks to small businesses.

Speaker Pelosi:

America's small businesses are the heart of our economy. They can create new jobs and fuel our recovery, but only if our nation's entrepreneurs have access to affordable lending. Today's announcement builds on small business tax breaks and investments that will create new jobs that this Congress passed in the American Recovery and Reinvestment Act.
President Obama's plan will reduce the cost of borrowing for our small businesses and increase the availability of capital to the firms that can help put Americans back to work in every community.
Right now, America's small businessmen and women are imagining the new ideas and new enterprises that will help lift us out of recession and create jobs we can sustain for years to come. President Obama's small business lending initiative will help give life to these dreams to strengthen America's economy.

Recovery Act Frequently Asked Questions for Small Business Owners>>

Under the President's proposed budget, 97 percent of all small businesses will not see their taxes increase in 2010, the capital gains tax for individuals on the sale of certain small business stocks is eliminated and the Research and Experimentation Tax Credit is made permanent. The President's budget also includes $28 billion in loan guarantees to expand credit availability for small businesses and supports $1.1 billion in direct disaster loans for businesses, homeowners and renters. These proposals will spur investment and innovation to help small businesses succeed.