September 27th, 2010

Ok, "Lets Try This" Update: Obama to sign $42 billion bill aimed at helping small businesses

Posted by: Barry Secrest
Published on September 27th, 2010 @ 09:41:50 am , using 195 words

Posted in Events and Issues: Credible Resources

The bill President Obama will sign Monday will offer about $12 billion in tax breaks and hopes to create thousands of jobs.

CR Editor's Note: Another example of "Governmental Masturbation," why not simply ease Bank Capital restrictions by regulators-- which is what is hurting small business lending. Throwing money at the problem will not fix the problem, when Government regulation is the problem~ Barry S.

(CNN) -- President Obama will sign a $42 billion bill to aid small businesses Monday. The bill seeks to create thousands of jobs and will offer about $12 billion in tax breaks.

Last week, the House of Representatives approved the Small Business Jobs Act by a 237-187 vote.

The measure is also expected to create 500,000 jobs, according to a summary of the bill from the Senate.

Among other things, it would authorize the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.

The idea is that community banks do the lion's share of lending to small businesses, and pumping capital into them will get money in the hands of Main Street businesses.

CNN's Catherine Clifford and Alan Silverleib contributed to this report.