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Obama Getting Serious about Helping Small Businesses
President Obama is getting serious about helping small businesses. Over the past few weeks he has unveiled a number of new initiatives designed to help small businesses make it through the recession. The great part is that he is looking to both Democrats and Republicans for ideas. Here are his top five ideas.
1. Job Growth - $33B in tax incentives to encourage hiring through the $5,000 per-worker tax credit for hiring new workers. The Senate will discuss this bill next week
2. Local Lending - $30B in additional funding to banks with less than $10B in assets which make over half of all loans to small businesses
3. Increased SBA Lending - Increasing SBA "Express" loan maximums from $350K to $1M and raising the government guarantee to 75% from 50%
4. Real Estate Financing - Expanding SBA 504 loans to help back commercial refinancing loans for small businesses that are not able to refinance
5. Other Adjustments - Extending tax breaks for equipment purchases and eliminating capital gains on investments
Though these are great first steps to helping small businesses, Washington can be very slow in adopting these measures. If you need business cash in the mean time then learn more about merchant cash advance or fill out the form above.
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To see the full article from CNN click here.