One Step Closer to Help for Small Businesses

By a vote of 61-38, the Senate today passed a bill that will cut taxes and increase lending for small businesses, helping them to grow and hire new workers. This bill was repeatedly blocked by Senate Republicans, but Democrats were able to overcome their filibuster this week, now sending the bill to the House for a final vote.

President Obama spoke yesterday hailing this week’s breakthrough despite months of GOP obstruction:

“While I am grateful for this progress, it should not have taken this long to pass this bill.  At a time when small business owners are still struggling to make payroll and they’re still holding off hiring, we put together a plan that would give them some tax relief and make it easier for them to take out loans.  It’s a bill that’s paid for.  It won’t add a dime to the deficit.  It’s a bill that was written by both Democrats and Republicans.”

In addition to creating a new $30 billion lending fund, the bill allows larger loans, lets businesses write off half of their equipment investments this year, and lets employers deduct health insurance costs from their taxes.