President Barack Obama signed a bill Monday to provide $42 billion in aid to small businesses, believing it would create more jobs through tax credits, and help banks increase loans. “It’s going to cut taxes. It’s going to make more loans available for small businesses. It’s a great victory for America’s entrepreneurs,” Obama said
Approved by the Senate with a 61-38 vote last week, saw two republicans break a GOP filibuster by joining the 59 Democrats. The House voted 237-187 on mainly partisan lines to see the bill land on Obama’s desk.
“At this difficult time in our country, it’s essential that we keep up the fight for every job, for every new business, for every opportunity to strengthen this economy,” Obama said.
Some Republicans disagree with the measure.
“Unfortunately, this bill does nothing to help end the uncertainty that is crippling job creation and hurting small businesses,” House Minority Leader John Boehner, R-Ohio, said last week. “Instead it puts taxpayers on the hook for even more bailouts.”
Following the signing ceremony, Obama received praise for getting the measure passed.
“I assure you we would not have this bill without this president,” said Rep. Al Green, D-Texas.
According to a preliminary estimate, the bill would provide tax breaks costing over $12 billion over the course of a decade says the Joint Committee on Taxation.
The Small Business bill encourages small businesses to purchase new equipment, give incentives to venture capital firms to invest in small businesses, and motive entrepreneurs to try a hand at their own business.
