The Small Business Jobs Act
Have you been following the details of the Small Business Jobs Act? Here are a couple of articles with more details. First an article from CNN Money that outlines all of the details about this act which is promising to create over 500,000 jobs.
Specifically, the bill will:
- Create a $30 billion fund run by the Treasury Department to deliver ultra-cheap capital to banks with less than $10 billion in assets.
- Provide $1.5 billion in grants to state lending programs that in turn support loans to small businesses.
- Provide tax breaks to encourage small businesses to:
- purchase new equipment
- incentivize venture capital firms to invest in small businesses
- motivate entrepreneurs to start their own business.
- Increases the loan limits on government-backed loans.
Specific tax breaks include:
- 100% exclusion of capital gains on investments in qualifying small businesses.
- Extend carry back provisions to 5 years
- Increase Section 179
- Bonus depreciation extension
- Increase amount an entrepreneur can deduct to $10,000 for start up costs in 2010.
Here is an editorial from Slate, indicating that this isn't enough to help small businesses.
What do you think?
