Landrieu: Small Business to Benefit from Economic Plan
Sen. Mary Landrieu (D-La.), the head of the Senate Small Business and Entrepreneurship Committee, said today that the proposed economic recovery plan currently in debate on the Hill moves small business in the right direction.
Language in the bill temporarily eliminates fees associated with the Small Business Administration's main lending program. Landrieu said that action could stimulate as much as $20 billion in new small business loans, creating up to 600,000 jobs. The Federal Reserve's Senior Loan Officer Opinion survey released this week showed that 70 percent of domestic banks have tightened small business lending.
The Senate measure also includes small business incentives such as increased expensing amounts and the ability to include more losses on their business tax returns. Senate Democrats need support for the measure from their Republican peers. Sen. Olympia Snowe (R-Maine), a senior finance committee member and the top Republican on the small business committee, said today she's working with Senate and committee leadership to adjust the tax provisions in the stimulus legislation to garner enough support to pass a compromise in the Senate.
"The alarming January job loss statistics make it even clearer that we need immediate action to slow and reverse the nation's economic recession," Landrieu said. "If we are going to get out of this mess, small businesses will lead the way. It is imperative that we give these firms the resources they need - access to capital, counseling and contracting programs - so that they can succeed and create new jobs."
Landrieu recently held a roundtable on how the federal government can encourage small business growth and job creation.
By Sharon McLoone |
February 6, 2009; 3:35 PM ET
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