We are still in midst of a recession and nerves are high when it comes to employment and the state of the small business owner. There are many issues being worked out in our government that will try to stimulate the United States economy and get America out of this recession. And despite party politics and the Republican/Democratic divide, it is important for all of America to get together to spark our financial system.
About a month ago, I blogged about a recent financial reform bill that passed, which set new restrictions on banks, inhibiting them from making faulty investments. Some people said that this bill would affect small businesses by lowering the amount of loans available, making it harder to grow business. However, there is some new legislation that is recently up for debate in Washington, which hopes to help small businesses, giving them tools to grow and thrive in these trying times.
The Small Business Jobs and Credit Act is a piece of legislation that Obama is trying to pass. This act would provide tax cuts and incentive for small businesses. It would increase the amount of loans available for entrepreneurs and promote investment spending by removing capital gain taxes on certain kinds of investments. It is currently being disputed in Congress by the two parties. Obama is urging Congress to pass this act, and put political gains aside.
Like most things in life, there are two sides to this debate. But as a business owner and entrepreneur it is important to know what is going on in Washington when it can directly affect your business. Staying informed can be a powerful tool. Read more about the Small Business Jobs and Credit Act by clicking here.