Yesterday, President Obama signed the Small Business Jobs Act, which is expected to help small business owners and entrepreneurs keep their doors open.
What does this really mean for small business owners? Here is a look at what we can expect now that the bill has been signed into law:
- A new $30 billion Small Business Lending Fund that provides capital to small banks with incentives to increase small business lending.
- Immediate SBA funding of new Recovery loans.
- A new deduction of health insurance costs for the self-employed.
- Zero taxes on capital gains from key small business investments.
- Tax relief and simplification for cell phone deductions.
- An increase in the deduction for entrepreneurs' start-up expenses.
You can read the full rundown on the twelve provisions in the bill on The White House Blog.
The benefits will be seen in a variety of ways for small businesses all over the country immediately. What does this new law mean for your small business?
the best part of this bill is that they raised the loan amounts from $2mil on the sba 7a loan to $5 mil… They also increased the SBA 504 loan from $5.5 to $12 mil. The industry has been hoping this would happen for years. This is the best news the commercial mortgage biz has seen in three years.
Jeff Rauth