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Old 08-30-2010, 08:10 PM   #1
Twelearly

Join Date
Oct 2005
Posts
441
Senior Member
Default Small businesses hold off hiring while waiting for House bill blocked by GOP
USA Today:
http://www.usatoday.com/money/smallb...ans30_ST_N.htm

Small businesses have put hiring, supply buying and real estate expansion on hold as they wait out the vote on a small-business-aid bill that stalled in the Senate earlier this summer.

...

"I'm still waiting for Congress to sign off on the bill," says Amarjit Kaur, who runs a convenience store and gas station in Wood Village, Ore. She leases her property but has a chance to buy it. With the waived-fee provision, Kaur says she could save about $35,000 on her pending loan.

Kaur's is among about 1,000 other small businesses that "have their bank papers all done and will be funded in the days — moments — after the bill passes," says U.S. Small Business Administration Administrator Karen Mills.

...

What's in the bill:
• An increase on government guarantees to as much as 90% on some of the most popular loans. That would mean a little less pressure on banks if a company defaults, because the government would insure a larger percentage of the loan, says Coleman. With current guarantees topping out at 75%, "there is a bit more exposure" for banks, he says.

• Community banks with assets of $10 billion or less would be able to tap into the $30 billion fund when making small-business loans. About 8,000 banks would be eligible.

• Small businesses would get about $18 billion in tax breaks, such as larger write-offs on capital equipment investments, and get credits for new hires.

• The SBA would be able to increase the maximum for certain loans to $5 million from $2 million.
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