President Signs Small Business Jobs and Credit
Act into Law
September 27, 2010
President Obama signed the Small Business Jobs and Credit Act into
law this afternoon, according to reports from the White House.
The bill passed the Senate earlier this month and the House
voted Thursday, September 23.
The bill was written to lower taxes and make loans more readily
available for small business owners. Once enacted into law, the
bill is designed to help small business owners access private capital
to finance expansions and hire new workers, and would reward small
business investors-in a long-term attempt to help small businesses
compete with large corporations.
The Small Business Lending Fund Act will establish a $30 billion
fund to boost lending to small businesses looking to hire and expand
their operations by providing additional capital to community banks,
according to information from Rep. Barney Frank (D - Mass.), who
is one of 21 co-sponsors of the bill.
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