Small-business bill clears Senate

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The U.S. Senate Thursday passed the Small Business Jobs and Credit Act of 2010 on a 61-38 vote.

The Senate version of the legislation, H.R. 5297, would extend the Small Business Administration Dealer Floorplan Financing Program for three years, increase SBA loan caps for dealer floorplan financing to $5 million and eliminate SBA fees and make other improvements that will enhance credit availability.

The legislation also includes more than $12 billion in small-business tax relief and a $30 billion small business lending fund.

The bill now goes to the House, where it will likely pass without changes, according to the National Marine Manufacturers Association, which has been tracking the legislation. Once this occurs, it will move to President Obama’s desk for his signature.

“This is a bill [the Marine Retailers Association of America] supported that would cut taxes and help provide loans to millions of small business owners, including boat dealers,” MRAA chairman Ed Lofgren said in a statement. “Small business creates most of the job growth in our country.”

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3 comments on “Small-business bill clears Senate

  1. Florida Partriot

    More wasteful spending by the government who does not have a clue how to fix the economy.
     What marine dealer in their right mind would go out and borrow money these days? What a joke!

  2. Curtis

    What our elected officials fail to realize that if the program has to go through a bank nobody will get funding. The banks say they do not make enough money, the red tape takes to much time, pretty much every excuse in the book not to loan. If I could figure away to not use banks i would close all of my accounts. But I have to pay bills and it is not a good idea to send cash.

  3. Realestatedude

    Curtis, There are numerous banks that specialize in SBA lending and have actively been lending throughout the credit crisis. The thing about SBA loans is that a large percentage of the loans are guaranteed by the US government which means less risk for banks which means they actually do give out these loans. I think it’s a much needed law to start to loosen up lending.  First helpful move by the govt in a while in my opinion. Better than wasting money on cash for clunkers or similar programs, at least this will help build businesses/create jobs.

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