$30 Billion for Small Biz: Senate Bill Passes
- Posted on September 16, 2010 at 3:01pm by
Jonathon M. Seidl
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The Senate voted twice today in order to pass a $30 billion piece of small business legislation that had been filibustered by Republicans.
In the first vote, the Senate voted 61-38 to end the filibuster — Republican Sens. George Voinovich of Ohio and George LeMieux of Florida relented and sided with Democrats — and then passed the bill by the same vote.
The bill will give small business $12 billion in tax cuts, as well as establish a $30 billion fund to provide community banks with capital to increase their lending to small businesses. Supporters say banks should be able to use the fund to leverage up to $300 billion in loans.
According to The Hill, the bill also provides $1.5 billion in grants to support state-level small-business lending programs and would increase to $500,000 the amount businesses may write off for capital investments. Additionally, small businesses can immediately deduct 50 percent of the cost of equipment from their taxes.
“I couldn’t find a reason to be against it, LeMieux told Politico after the vote. “I could only find reasons to be for it.”
The bill now goes back to the House, which passed a version of the bill earlier this summer. No changes are expected before it’s sent to President Obama.
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Comments (59)
coal
Posted on September 16, 2010 at 5:48pmGood point FREEBORNSON, The government acts like its their money and they are helping us. Let people keep more of their money and watch what happens. All this stimulus spending is all a ruse. Its all about shifting money to unions and special interests. It is not going to the regular people. Nothing against unions they were a powerful force a hundred years ago and did a lot of good for a lot of people. If your union promised you a pension thats all well and good. However, the unions cant pay the pensions anymore and they are bumping it up to the states who in turn run to the feds for the money. Thats taxpayer money and that is not fair.
Report Post »Rickfromillinois
Posted on September 16, 2010 at 5:34pmThere are just a few things that the small businesses have to do in order to qualify. They have to use the money for things that the government approves of. Much of it is “green” jobs and products. The small businesses that get involved just may find themselves being told by the government on what to spend and how to spend the money and run their businesses.
Report Post »freebornson
Posted on September 16, 2010 at 5:33pmAnother pitiful attempt to buy off the votes of an angry middle class electorate. Years of wasteful spending and higher taxes (by both parties) have bankrupted our country and strained the income of middle America.
Report Post »WHERE did the money go that was put into social security? Democrats? Republicans? Answer both parties spent it on pork and self promotion of their own careers. Now it is little more than a failed pyramid scheme because the money is spent, millions are retiring and there are not enough people to pay for it.
Start governing right. Don’t throw us 30 billion dollars like giving a dog his bone; it was always our money. No big government liberal has ever been able to show me even one program that the government runs well. Lower taxes. Let the people and the market spend the money. Give us incentives to give to charities and support those who need it. No more career government jobs for ineffective and expensive government employees who make 3 times what I make in the private sector and get free benefits.
cgllaernk
Posted on September 16, 2010 at 5:30pmStuart Varney said yesterday the intent of the $30 million for small banks was to buy up prime shares of small banks, giving the government control over small banks just as he has over some large bands, GM and Chrysler. Another step forward in the Marsist regime and now two new Republican Senators are on board. Are there any true conservative Republicans left?
Report Post »coal
Posted on September 16, 2010 at 5:29pmAll they are doing is shifting money around. I will say that this bill along with all the others will have little effect. If they would just leave the market alone for a while and stop trying to fix everything. Things may level off. I want small business to prosper, its the one area of the economy that will jumpstart jobs. The overall arch is too much government. Banks and Big corporations as well as some small business are stockpiling cash because no one knows what is coming down the pike. Tax hikes ,national health care are forcing companies to wait and see. Its the GOVERNMENT that is creating these problems.
Report Post »broker0101
Posted on September 16, 2010 at 5:13pmAs a small business owner, I’ll keep you all posted as to how this new law helps be improve and grow my business.
Report Post »leftylemn
Posted on September 16, 2010 at 4:41pmRaid the treasury…collapse the system.
Report Post »Truncheon
Posted on September 16, 2010 at 4:31pmThis is standard issue Saul Alinsky rope-a-dope. Use the terms your enemy is familiar with in order to advance Marxism.
“Tax cut”, “small business”, “write off”, “capital investments”, “deductions”.
All smoke and mirrors.
Anyone who actually believes this administration with the help of Pelosi and Reid is actually giving any help to small business in the form of tax cuts, deductions, or write offs is a blithering idiot.
Report Post »Patriot Ken
Posted on September 16, 2010 at 4:29pmLooking at how this administration works if you get a loan from the Federal government that’s like giving up your business. Further more I want the people in Washington to leave us alone and let us run our businesses. Even though I could use the extra money I don’t want it from Washington.
Report Post »tierrah
Posted on September 16, 2010 at 4:28pmThis may be off the subject a bit, but since we’re talking about loans and borrowing money, I heard recently that Hillary Clinton put up our National Parks as collateral for the money borrowed from China. Could someone confirm or debunk?
Report Post »Desert Dweller
Posted on September 16, 2010 at 4:15pmIndeed. What a concept. Give Federal based loans, tax breaks (though those might be needed soon) and waivers to small business so they can get their claws in them early. Whatever happened to the idea of private enterprise (free market) being… well private? Sigh. Instead of trying to spend more money we don’t have, on things that are not needed, how about trimming back the fat of the Federal government. Methinks Many Many Billion could be saved then we would not need for said federal tax breaks.
Goes a long way to proving the point though. You cant fix stupid – Ron White
Report Post »Truncheon
Posted on September 16, 2010 at 4:14pmAmerigo writes: “Tax cuts do work to stimulate small business spending.”
Let’s do the math.
($12 billion in tax cuts) – ($30 billion fund) = negative $18 billion……..
Report Post »Truncheon
Posted on September 16, 2010 at 4:16pmThis isn’t a “tax cut”, it’s a tax hike of 18 billion dollars…..
Report Post »COjohngalt
Posted on September 16, 2010 at 4:33pmHad to laugh because I was thinking the same thing. Are you available to give a quick lesson to the senate?
Report Post »COjohngalt
Posted on September 16, 2010 at 4:42pmDon’t worry, they’ll print more money…there, problem solved. Of course, it will cost $10.00 for a loaf of bread.
Forget about buying gold…my precious metal is lead.
Report Post »Disabledvet
Posted on September 16, 2010 at 4:12pmThis is all fine and good, but as a small business owner who has asked banks for loans for my business and been told no everytime, my credit is only 700 and you need a 720 to get any help from a Small Business Loan witht the backing of the SBA still makes it almost impossible to get the money to help. I have started 3 small businesses all of which are still running and making money, simply by using my own money and starting small and watching every penny spent to get started.
Report Post »This 30 Billion stimulas will not help anyone but the banks giving the big money to the CEO’s.
redneckphilosopher
Posted on September 16, 2010 at 3:48pmI’m sure this will create a lot of jobs. Obama’s idea of small business is more government branches.
Report Post »Amerigo Vespucci
Posted on September 16, 2010 at 3:38pmThis is actually not a bad idea. Tax cuts do work to stimulate small business spending. Unfortunately, this is too little too late. It’s simply an attempt to say “See, look how I (read Dems) support small business” just prior to the mid-term elections. This is so transparent…
Report Post »redneckphilosopher
Posted on September 16, 2010 at 3:57pmAmerigo Vespucci I was wondering is your name connected with wrestling in some way. maybe late 60‘s early 70’s
Report Post »redneckphilosopher
Posted on September 16, 2010 at 4:07pmsorry i had the names mixed up.
Report Post »anigmanm
Posted on September 16, 2010 at 3:28pmCan someone explain how raising taxes while making more loans available to small business is going to create jobs that put the non union workers to work in order for them to be able to shop at the small business………bet no one in DC thought of that
Report Post »SaneRoger
Posted on September 16, 2010 at 3:26pmAbout time they used some common sense.
Report Post »Lesterp
Posted on September 16, 2010 at 6:47pmEyeroll
Report Post »GunDoctor
Posted on September 16, 2010 at 3:25pmAm I missing something here? Didn’t we already establish funds for business lending with the stimulus bill? Essentially this is another “throw money at the problem”, “do nothing” bill.
Report Post »BetterDays
Posted on September 16, 2010 at 3:23pmwas the DREAM act still part of this bill?
Report Post »If so the back door amnesty of illegal aliens in America has officialy started.
COjohngalt
Posted on September 16, 2010 at 3:29pmNo…tied to military spending bill no small business. Just wait, I am sure it will be coming soon and may not be undercover. The lame duck session is going to be interesting to say the least.
Report Post »BetterDays
Posted on September 16, 2010 at 3:55pmCojohngault:
Report Post »interesting is not the word im thinking off, I forsee the new house and senat having to file treason charges on Obama because he’ll veto everything they btry to do, pluss he deserves it anyway.
Usedc to post on Huffington, had alot of moderate Dems as “friends”, many said they switch to independant if they back doored 18 million illegals into our country, so if they do the dems could lose as many voters as they gain, foolishness.
COjohngalt
Posted on September 16, 2010 at 4:23pmBetterDays,
Report Post »Not going to argue with you on the impeachment, just worried that we will have to add a BUNCH of Democrat congress people to the list with Obummer if they push through all of the crap sandwiches that I think they are going to.
Sure hope you are right about the moderate dems and the boarder issue, I’m just an hour north of New Mexico and see an AZ situation in Colorado coming at warp speed.
Weetsie
Posted on September 16, 2010 at 3:23pmI’m a small business owner and “No Thanks Mr. Le Pu” or whatever your name is!
Report Post »JJMinor
Posted on September 16, 2010 at 3:20pmThis pathology is text book. Insanity is when you do the same things over and over and expect a different outcome. But in reality all you get is more of the same. Crazy time in America.
Report Post »Time 2 Revolt
Posted on September 16, 2010 at 3:15pmPoliticians trying to do something productive to maintain the illusion that we need them.
Report Post »COjohngalt
Posted on September 16, 2010 at 3:15pmSo how long will it be before they start forcing small businesses to take out loans from the banks? There is no demand right now, mostly because of their policies. No demand = no need to hire or borrow. Would someone please give congress and the WH an 8th grade econ class?
Report Post »RealityCheck
Posted on September 16, 2010 at 3:10pmAlright, lets throw money away on competition to big corporate and hope they can pull through. Or better yet know they will not pull through as how can they compete with a Walmart every 30 miles. Spend, spend, spend, the quicker America goes bankrupt and has no choice but to bend over for global economy.
Report Post »RealityCheck
Posted on September 16, 2010 at 3:15pmForgot to note the most obvious
“banks should be able to use the fund to leverage up to $300 billion in loans”
feed banks and loan more debt, real smart.
Report Post »smugsmiley
Posted on September 16, 2010 at 3:52pmErrr… what the Christ? The economy is already global. America couldn’t live without imports, especially from China.
Report Post »Beckofile
Posted on September 16, 2010 at 5:31pmObama calls it his summer of WRECKOVERY. Or his focus on the ecomedy like a lazer. If this was’nt true it might be funny:(
Report Post »RealityCheck
Posted on September 16, 2010 at 6:53pmSmugsmiley
Maybe I should be more clear. A global economy without the US dollar. Things such as the so called global tax, or Robinhood Tax. Tell me, what position do you think you’ll have once something like that happens. No longer about government but about taxes on a global scale. This is what our government is really trying to do. If you go back to one of President Obama‘s speech’s this is clear as day “ America must be the leader in the global economy” getting imports is not the same as 1 global currency.
Report Post »plunderpower
Posted on September 16, 2010 at 7:27pmObama’s reality checks all bounce … insufficient funds.
Report Post »CHINABIKER
Posted on September 16, 2010 at 3:08pmMore spend, spend , spend. Thank you Mr LeMieux. Yet another reason why no one should vote for Christ.
Report Post »Debrabate
Posted on September 16, 2010 at 3:19pmOMG… I want my bail out too!!!!
Gimme some of that Obama money
/sarcasm
Will these guys EVER LEARN?
::::disgusted::::
Report Post »Ellie
Posted on September 16, 2010 at 3:27pmHere’s one reason not to vote for this pork fest: THE UNITED STATES IS FLAT BROKE!
Report Post »Get rid of the 30 Billion this and the 1.5 Billion that and the bill might have done some good.
natstew
Posted on September 16, 2010 at 3:32pmLemiesux was appointed to hold the seat until elections with an agreement that LeMiesux would not run for the seat. Just to hold it for good ole Charlie Crist. Well… Marco Rubio fixed that deal, (and has my vote).
Report Post »Psychosis
Posted on September 16, 2010 at 3:54pmDid anyone notice the 30 billion will be used by banks to leverage lending of 300billion?
THIS IS IMPORTANT THIS IS IMPORTANT THIS IS WHAT THEY CALL FRACTIONAL LENDING AND THIS IS WHAT IS DIRECTLY CAUSING OUR DEFICIT TO GROW.
THIS IS WHY
Bank lends money to government at interest. bank receives money from government to give loans at a interest rate charged to consumer. bank gets paid two separate interest rates on the same freakin dollar. one is payed by the government one is payed by the consumer but the money all comes out of the same freakin pocket……………OURS
Report Post »DanB
Posted on September 16, 2010 at 3:55pmI am trying to start up a small business of my own nights and weekends. Sure I want credit from the bank, but the credit I wanted was turned down. I do NOT want federal government loans. I want the federal government far, far away from my business. I don’t trust them. In fact, I read this and reach three deductions.
1. What does go to businesses will only go to the ones that they favor. In other words, to their friends and allies first.
2. This is for the banks and not the small businesses. Congress passed that banking bill recently so they HAVE to butter the banks back up since that is where they get their CAMPAIGN war chests….
3. My goal is actually a debt free business. It is an odd dream, and perhaps impossible. I was asking for credit from the bank but my personal business plan was to keep debt minimal and only according to the business I was doing. When they turned me down without even asking me for information, essentially flat out telling me that we were not giving any small businesses loans…. Well, I decided I would still try and go forward, it would just be slower and harder. When I consider this move by government, I make the realization that government is panicking because they actually want you in debt. Why do you think they were actually for people getting into homes that they couldn’t afford? Because debt traps you. And now that small businesses are holding their money and paying off their debts, the politicians are afraid of losing their power. Sure, the banks make money off your debt but think of this. If you are out of debt, you are free to do as you please. Businesses financially sound are dangerous to government because they don’t need the politicians to protect their bottom line profits. I don’t think this is really about growing business. I really think if government stopped messing around, businesses would grow even if banks stopped issuing even one single new loan!!! And with the political environment looking like they’ll lose power for a couple years at least, I think they are trying to hedge their bets so that we don’t learn to do business without their gratuities–and that means even the banks.
Report Post »Beckofile
Posted on September 16, 2010 at 5:28pmAnd where did we get the money? Oh I forgot little Tim can just type it in. Don‘t worry folks it won’t devalue the peso in your pocket.
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