Press Release of U.S. Senator Barbara Boxer
|For Immediate Release: |
September 16, 2010
Washington D.C. Office (202) 224-3553
Boxer Lauds Senate Passage of Small Business Jobs Bill
Bill Includes Merkley-Boxer Measure to Help Small Businesses Get Credit
Washington, D.C. – U.S. Senator Barbara Boxer (D-CA) today lauded the Senate’s bipartisan vote to pass the Small Business Jobs and Credit Act, which will provide small businesses with tax cuts and loans to help them grow and create jobs.
Senator Boxer said, “Small businesses are the major job creators in our economy and this legislation will ensure that our small businesses have the tax incentives and credit they need to expand and hire.”
Small businesses have created 64 percent of the new jobs over the last 15 years, but they are struggling to access credit in this tough economy. This bill includes a provision authored by Senator Boxer and Senator Jeff Merkley (D-OR) to create a deficit-neutral $30 billion Small Business Lending Fund to help community banks increase lending to small businesses. The $30 billion is expected to be leveraged to support up to $300 billion in small business lending, creating an estimated half million jobs.
The bill also will provide small businesses with $12 billion in tax cuts – including enhanced expensing and bonus depreciation provisions – that will help small business owners invest, expand and create jobs.
The Congressional Budget Office estimates the fully paid-for measure will reduce the federal deficit by $1.1 billion over the next decade. The bill now moves to the House of Representatives for final passage.