Snap-O Fact #70

Sources:

http://www.opencongress.org/bill/111-h5297/show

http://www.dems.gov/topics/small-business-lending-fund-act

http://eshoo.house.gov/index.php?option=com_content&view=article&id=827:small-business&catid=39:economy&Itemid=100021

http://www.cbo.gov/ftpdocs/115xx/doc11595/hr5297_HousePassed.pdf

http://levin.house.gov/strengthening-small-businesses

According to the White House, small business plays a major role in American economy since it creates 60 to 80 percent of all new jobs in the country each year. In recognition of the importance of the small businesses of America, President Obama pushed the House of Representatives to pass the Small Business Lending Fund Bill on September 23, 2010. President Obama signed the Bill on September 27, 2010 in order to promote small business' role in resuscitating the economy. Specifically, this act “offers $15 billion in small business tax relief and creates a $30 billion fund to loosen lending from community banks to small businesses. This Bill is expected to support up to $300 billion in small business lending, which will save many small businesses and create many jobs.