Let's take a look at three key provisions the Small Business Jobs Act offers small business owners:
1. Thirty-billion dollars will go directly to community banks specifically for lending to small businesses. According to Senate reports, small business lending has dropped by 17.8 percent since the year 2008. The Bill's money is expected to encourage small banks to increase lending, and once things get rolling, they expect the creation of around 500,000 jobs.
2. Startups will get bigger deductions in 2010 or 2011. The Small Business Jobs Act would increase the amount you are allowed to deduct in your startup costs from $5,000 to $20,000. Plus, you'll more favorable deductions for real estate related to their business.
3. Microloans will be available for to help create small and home based businesses by aiding in their short term capital requirements. Prior, a business could only access a maximum of $35,000 in microloan funds. These microloans can be used for up to five years to pay existing loan payments to continue growing the business.That amount increased to $50,000 with the passage of this bill.
Source: IFG Network
#smallbusiness #smallbiz
No comments:
Post a Comment