On Tuesday, the U.S. Senate voted to end debate on the small-business aid package, which includes a $30 billion lending fund and about $12 billion in tax relief for small businesses. The debate clears the way for final passage of the bill, which pundits believe is all but assured of passing at this point.
According to the L.A. Times:
The small-business bill that advanced Tuesday, which President Obama stumped hard to pass, would create a new government-operated fund to help smaller banks make loans to small businesses.
And it would offer $12 billion in tax breaks to encourage investment and hiring. Businesses would be able to write off more of the cost of buying new equipment and making improvements to their stores. Those who are self-employed could deduct healthcare costs. The bill would also continue to waive Small Business Administration loan fees that were cut in the 2009 recovery act.
“This bill will do more to support small businesses than any bill has in years,” said John Arensmeyer, president of Small Business Majority, a left-leaning business group.