In The News

Senate passes small-business bill

 The U.S. Senate has approved a lending bill designed to give small-business owners a financial boost during these rough economic times.

On Thursday, Sept. 16, the Senate voted 61-38 in favor of a small-business lending bill, HR5297, which includes a $30 billion Small Business Lending Fund. The bill also includes $12 billion in tax relief measures for small businesses.

In mid-June, the U.S. House passed its version of the bill and is again expected to take up the bill as soon as it is received from the Senate. President Obama is expected to sign it as well.

The bill would also extend the elimination of fees for U.S. Small Business lending programs for SBA 7(a) and 504 loan programs and increase the guarantees on 7(a) loans from 75 percent to 90 percent.

Tax provisions in the bill would allow businesses to write off half of their new equipment purchasing costs, which goes into service in 2010. The bill would also eliminate a requirement in current tax law that employees pay taxes on the value of certain transmissions they send on employer-provided cell phones.

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