Small Biz Gets $15 Billion-Dollar Boost

Posted on | March 16, 2009 | No Comments

President Obama announced today that he was rolling out a new program designed to give small businesses a boost.  Under the new program, Obama will allocate an additional $15B to helping small business owners secure financing and lower their tax burdens.  The money will be added to the $730M Congress approved last month and be used to buy up small business loans held by community banks; to increase the portion of SBA 7(a) loans that the government currently guarantees to 90% (it’s currently 75%-80%) and decrease loan fees; and to provide bigger tax breaks on operating losses.  The President is hoping this new program will encourage banks to start lending to small businesses and allow small businesses to retain jobs and recover.

If banks bite, and I hope they will, this program will be a great shot in the arm for small businesses who desperately need a cash infusion to cover payrolls and hire new salespeople.

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