Wide-ranging small business relief measures were approved Thursday by the U.S. Senate in a bill that now heads back to the U.S. House for likely passage and then on for President Barack Obama's signature.
The small business jobs bill was hoped to pass in July, but Senate Democrats fell short of the necessary Republican votes needed to stem off a Republican filibuster. They got them now, with the bill passing 61-38, garnering two Republican votes.
Republicans fought the bill, saying it didn't go far enough in offering more tax cuts to small business. But it seems to us that the $30 billion measure -- which includes $12 billion in small business tax cuts -- offers a solid kick start for small businesses to help them hire the employees necessary to move the economy. Again, it is the failure of Republicans to seek compromise that has stalled the entire system. ...
Opponents liken the bill to the financial institution bailout two years ago, but at time the nation's small community banks were not at risk, only those "too big to fail." This time, community banks will be given that extra leverage to help generate more than $300 billion in loans to small businesses.
The federal funding will help prime the private sector pump for small businesses, with small businesses typically creating the nation's workforce at the grass-roots level. The Small Business Jobs Act creates the tools necessary to bring back Main Street America, and is a good measure to free up capital for struggling small businesses. Republicans may say it's not enough, but something needed to be put in place rather than just filibuster the bill.
