President Signs Small Business Jobs and Credit Act into LawSeptember 27th, 2010 by Editor
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.