Small Business Bill Finally Passes
Today, the Senate approved the long-stalled Small Business Jobs Act, a deficit-neutral bill containing tax cuts and an array of other measures to aid businesses
Jul 31, 2020214.4K Shares2.8M Views
Today, the Senate approved the long-stalled Small Business Jobs Act,a deficit-neutral bill containing tax cuts and an array of other measures to aid businesses with fewer than 500 employees. Its signature component is a $30 billion lending fund, which will encourage small banks to lend to small businesses. The Independent Community Bankers of America said the bill might create500,000 jobs in two years.
“At a time when small business owners are still struggling to make payroll and they’re still holding off hiring, we put together a plan that would give them some tax relief and make it easier for them to take out loans,” President Obama said, speaking about the bill this week.
Republicans had held the relatively noncontroversial legislation up since July — demanding to propose non-germane amendments, then refusing the closure of a tax loophole for large companies as a pay-for. More recently, Republicans argued that the tax cuts in the bill weren’t big enough. Ultimately, Sens. George Voinovich (Ohio) and George LeMieux (Fla.) crossed the aisle.
The bill passed 61 to 38, and now goes onto the House, which approved similar legislation in June and is expected to pass the bill within the next few working days.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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