Obama Proposes Small Business Rescue Plan

Barack Obama today proposed a plan of tax cuts and loans for small businesses hurt by the current credit crisis, a temporary program he said is needed to help Main Street and complement what has already been done for Wall Street.

In The Trail, a daily diary of campaign 2008 on washingtonpost.com, Robert Barnes writes that the Democratic presidential nominee told a courthouse crowd that the program would be a way of "extending our hand to the shops and restaurants, the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now."

Obama said the $5 billion Small Business Rescue Plan would be similar to one implemented after the terrorist attacks of Sept. 11, 2001, and would be run through the Small Business Administration.

By Sharon McLoone |  October 10, 2008; 2:56 PM ET Economy Watch , Election 2008
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Mike Huckabee seems to be turning his back on McCain? Huckabee has been warning of this economic collapse for some time now, He is not happy with how the government or how McCain is dealing with it.

Some of Huckabee's Supporters are so mad at theyre party they are trying to get him to start a new party, Huckabee is pretty loyal to the GOP so this is doubtful, but it just seems the election is reaching a fever pitch. http://mccanes.com/newparty

Posted by: Anonymous | October 10, 2008 3:40 PM

I'm a McCain supporter, and I've been giving the campaign some thought over the past several weeks. Unfortunately, I believe Obama is going to win because of this economic meltdown, but to all the Obama supporters, I would ask you to do this--after Obama wins, when you see him on TV a day or two later, see how you feel about him. I can almost guarantee that there will be a big letdown. This will be the biggest mistake we've ever made, next to George Bush, and no, McCain is not McSame. Just my opinion.

Posted by: Steve from Maryland | October 10, 2008 4:14 PM

Why does McSame remind me of Dick Cheney?

Posted by: scott not for- dipstick-lipstick-rove 08 | October 10, 2008 4:46 PM

I don't trust politicians in general. I am an obama supporter not because I think he is a great guy, but because I think he is smart, and I want to believe he is going to really try to turn things around for us here at home. Will he follow through/succeed? Only time will tell. Silicon valley is really excited about the clean-tech investment proposal, so hopefully that pans out. Do I think Obama is going to make some mistakes or do political favors for friends? Sadly i don't think he would make it in U.S. politics if he didn't. It's just the sad state of this country today. I really don't think it is possible for him to be any worse than Bush though. Bush is just about the worst thing to happen to this country since it was born. I think history will show this.

Posted by: jay | October 10, 2008 4:56 PM

What plan in 2001!!! I've been in Biz since 95. I never heard of the SBA plan in 2001 and probably will never reach small business in 2009. Its just another gov program that employs more lazy goverment people who just push paper and never is run successfully

Posted by: Tim from Albuquerque | October 10, 2008 5:02 PM

guess people still don't get it...
argue/slamming...they are all alike--politician..and no matter whom get in..you still have congress and those politicians to deal with...nothing will be done unless it is for them...ask what is there retirement plan/system...there medical plan..bet it is not like ours...and taxes...Ummm...keep asking why we have so many and why we can not have one(1) simplae across th board tax...period...watch the answer to all of these...

Posted by: rgw | October 10, 2008 5:03 PM

I am a sideliner literally. To help the guy nextdoor to keep his shop open is IT. Help the ROOT cause. Help people keep their job and take home cash. But folks . Think 'bout it. THAT's the "MISSING LINK" . OBAMA has hit the REAL pay dirt !!!

Posted by: Gregory | October 10, 2008 5:04 PM

We need leaders like Obama who can come up with solutions to confront this economic crisis. McCain on the other hand is busy talking about Ayers relationship with Obama. How is talking about Ayers going to help hundreds of American who have lost their jobs? How is this going to help small business get loans to expand their business and improve the economy? I applaud Obama for ignoring the McCain campaign. If I were Obama, I will ignore McCain and let him continue talking about these petty issues for the next two weeks so that by the time he is ready to talk about real issues it will be too late.

Posted by: Msanii | October 10, 2008 5:04 PM

I think that everyone is forgetting who is really running our country into the ground? Yeah, that's right Congress. So if everyone is looking for "change" then why would Obama be the choice when our Congress is majority democratic and he votes with his party 95% of the time? Politicians are full of promises that there is no way they can keep. Look at Clinton and his proposed reforms...never even made it to Congress.

Posted by: Rebecca | October 10, 2008 5:06 PM

WOW! This Sounds like McCains Plan for small bussines. Can Obama ever come up with
his OWN PLAN! Just like he outlined and incluced four major plans for the Bailout!

Get a Clue Everyone!

Posted by: nick | October 10, 2008 5:10 PM

SBA assisted small business owners in Washington following Mt. St. Helens disaster. Was a while back but my long term memory, still intact, is the program was successful and kept many, especially those businesses with vehicles damaged by ash fall, running.

Posted by: Linda | October 10, 2008 5:12 PM

ANGER BEGETS ANGER====John You're an angry man...

Posted by: benighse | October 10, 2008 5:13 PM

The economy will turn around when we have someone smart enough to believe in---That is not an angry ol' coot ranting with his lost Republican followers thinking the '60s is what we should be talking about while the ECONOMY BURNS!!! Join the 21st century!!====Let's put Obama and Biden to work for all America!!

Posted by: benighse | October 10, 2008 5:13 PM

Save small businesses. Forget Walmart for now. Reach out to your locals who are trying to pay their bills. Their taxes may help your company stay in business in the long run. And while you are at it, invite your best friends over for a potluck dinner, have some wine, and just laugh. We will get through this!

Posted by: kati | October 10, 2008 5:14 PM

Mccain will take us back to the 1930s....Just because he started in that decade, doesn't mean we want to go back there.....Turn the page on the 8 miserable years of Bush/Cheney supported by Mccain and give us a hard-working Democrat team---Obama and Biden in '08!

Posted by: benighse | October 10, 2008 5:16 PM

I am a republican, but for some reason us republicans leave the best out and introduce the goofy, shallow and stupid candidates for the last two elections. Huckabee was the right choice for republican nomination, but we left him out. WHY? take for example Mr. Bush or Sarah Palin. Oh God help America...

Posted by: McSame | October 10, 2008 5:20 PM

Is this plan before or after he raises taxes on the top 5% of taxpayers? I'm asking because a little over 600,000 of these small businesses are those same taxpayers. So Obama wants a plan to help small business while screwing them over at the same time. how nice.

Posted by: flndr | October 10, 2008 5:23 PM

Tax breaks for small businesses that already don't pay taxes???? I don't get it.

Posted by: Fred D | October 10, 2008 5:48 PM

Fred D are Kidding me!!! We even pay tax on our furniture every year. Its called double TAX. We pay sales tax on it then since were in Biz we pay on it every year.

Posted by: Tim in Albuquerque | October 10, 2008 5:57 PM

We need someone to get into the White House and get rid of the riff raff! That person is John McCain. We don't need someone who will be everyone's friend.....we've been there, done that with Bill Clinton and where did that get us?! He set us up for this financial crisis! "The National Homeownership Strategy".....pure genius!!!!

Posted by: Rebecca | October 10, 2008 6:16 PM

American VOTERS are mad as HELL at MSM Obama cronies! Like CNN & MSNBC! And is causing the outrage against Obama. MSM is no longer helping their candidate, because they are openly in the bag for Obama, voters are taking that extreme anger out on Obama, the risk you take. MSM, CNN have jeopardized the security of the American people by deliberating continuing to openly hide serious facts and associations of Obama. HOW DARE YOU jeopardize our great but troubled country? Yes Voters are getting extremely angry at Obama, he continues to lie and refuses to answer questions that EVERY person running for leader of the free world would have to answer. Obama keeps reaching back to Chicago political past for policy advisers, and pulling one despicable, vile, and even evil “rabbit” after another out of his hat. The list of Obama’s radical associations is long and it keeps getting longer. Some are now well-known, but many are not.



(Bloomberg) -- Nigerian Stock Exchange Chief Exec Ofc Ndi Okereke-Onyiuke being investigated holding a fund-raising event for U.S. presidential candidate Obama, Agence France-Press reported U.S. electoral laws forbid donations from foreigners to electoral campaigns. http://www.youtube.com/watch?v=fQ0cq4Nytu8

(World News)
23 years at TUCC with Jeremiah Wright and James Meeks. Racist sermons on You tube.
He chose the most radical church in the country; Obama chooses to immerse himself and his daughters in hard-core ideological radicalism. Never before has this country considered such a radical leftist for its chief executive.

Michael Pfleger and his hateful and race-hating ramblings, Obama met while carrying out his own radical social activism as community organizer at ACORN, (radical organization) now under Federal investigation for Voter fraud in helping Obama. No one believed he won the caucuses, now we know why. WASHINGTON: RNC filed a complaint with the Federal Election Commission (FEC) against the Obama for an America campaign acceptance of foreign national and excessive contributions. The Obama campaign has failed to comply with federal campaign finance law in its fundraising.

Penny Pritzker, heads Obama National Finance Committee was president of Superior Bank - massively failed, she literally bought her way out of jail paying $460 MILLION fine; was the very epicenter of subprime loan scandal” that has come to eat this nation’s financial system alive.

Fannie Mae CEO Jim Johnson, Obama camp advisor and headed Obamas vice presidential selection committee, discovered he benefited from sweetheart loans from subprime king Countrywide and was fired.

Tony Rezko certainly and his federal indictments and financial dealing with Obamas of course and William Ayers, US terrorist bomber, Obama-co-lecturer, fellow board member, neighbor, and friend.

Terrorist William Ayers
Communist Frank Marshall Davis, obama mentor; Saul Alinsky and Gerald Kellman (Kellman’s Woods Fund is how Obama hooked up and began his long relationship with Ayers.

Chicago lawyer Mazen Asbahi, Obama camp national coord for Muslim affairs also stepped down after news about his stint on the fund’s board - which includes fundamentalist imam - prompting The Wall Street Journal inquiries about relationship with the Muslim Brotherhood and his long personal relationship with Hamas Jamal.

Obama desperately needs voters to forget hes the son of a Muslim father who served an incredibly brutal and corrupt Kenyan government; to forget he attended a madrassa in Indonesia and practiced Islam; forget that he campaigned in Kenya on behalf of Raila Odinga, who relied upon chaos, corruption, and violence in his campaign; numerous associations with radical Muslims; forget the photographs of Obama in traditional Muslim clothes, hanging with Muslim radicals such as Mazen Asbahi and anti-Semite Rashid Khalidi.

The mainstream media has frankly put the security of our great country at risk with an Obama coronation media like CNN & MSNBC is the only way Obama managed to steal the Dem nom. It’s extremely concerning that so many Americans could care less about who their candidate really is?? Simply amazing and frankly scary.



Posted by: American VOTERS are mad as HELL | October 11, 2008 8:58 AM

the above commenter has entirely lost his mind and is reaching out for excuses just to keep a black guy from being his leader, your not going to win regardless of how many skelitons you find in obamas closet, mccain has many skelitons aswell as palin, i think mccains plan to cut spending will do little in the face of such large tax breaks as his now famouse 300 billion dollar oil co. tax cut,

im a small business owner, im 28 years old and im a white man from a white suburb and i have no black friends just aquantances and im proud that i am for obama because its not about his race its not about bush, its about me not closing the door to my restaurant because i wasnt ablle to come up with the 20K a year i pay in taxes, its about a possibility of a healthcare solution for my parents and its about a infusion of new govenment programs that will help everyone where i come from we arent afraid of letting the govenment work for us because we see the programs keep our kids in school and make life affordable , unlike republicans that wish to make govenment smaller and less helpfull) dont let fox news brain wash you with fear into voting for mcsame...

Posted by: American VOTERS are mad as HELL at mccain | October 12, 2008 10:54 PM

Amnerican Voter you just contradicted yourself."i wasnt ablle to come up with the 20K a year i pay in taxes" "its about a infusion of new govenment programs that will help everyone "

Your taxes are gonna Double!! Listen to Bill Clinton he actually understands it better. Goverment is terrible at running programs. Walk into any goverment bldg and you half ass work half motivation and thats when they are there. Oh yeah there off today. Put these programs into private groups that are passionate about it. Outsourcing to people that care and PAY them. It will be cheaper and more efficient.

Niether candidate has it right. It bother me how people get so passionate about the person instead of solutions.

And man the media is terrible both sides so biased

Both candi

Posted by: tim in albuquerque | October 13, 2008 12:00 PM

I am an under 50, long term self-made small business owner and a woman and I support McCain/Palin (and not because Palin is a women, I made my choice long before). I'm not a "Republican" or a "Democrat". I'm a business person. I've owned more than one company in my business career so far and the latest one I've had for 16 years. I've never had over 10-12 employees so we've always been small. This is by choice and necessity because there is VERY little support from groups like the SBA and I've chosen to build our business on profits, not loans or venture funding.

Because we are an s-corp. building on profits means often times paying higher taxes at year end because we didn't spend all our profits and we get taxed on them personally rather we take the money out as stockholders or not. Most non-business owners DO NOT understand this. Many medical doctors, lawyers, CPAs and other small businesses may have similar tax burdens.

I see Obama as a threat to small business. I am actually making contingency plans for the first time in 16 years - expecting I may have to change dramatically to survive all the new "changes" he and the Democrats are proposing. I am expecting more and more people to take their money "off the table" if Obama wins - and that is scary because so much of our economy depends on that money. Please THINK before you vote for Obama - it may mean the end of many small businesses in America.

He will say/do almost anything to win that's apparent, but once he's in the seat I think so many people will be sorry.

And to those who choose to use "racism" as a lame attempt to stave off direct and real criticism I say "Get a life!"

Posted by: Kelly | October 15, 2008 3:21 PM

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