On the recordSeptember 23, 2010
The Small Business Jobs and Credit Act of 2010 (H.R. 5297) will strengthen our current economic recovery, by strengthening our small businesses. This legislation is sorely needed to bolster our small firms, which have lagged their larger counterparts in recovering from the Great Recession. While the economy has made significant progress since the beginning of 2010, including eight straight months of private sector job growth, small businesses are not yet fully participating in this recovery. The legislation before us will help change that--by providing small businesses with eight separate tax cuts totaling $12 billion; promoting lending to small firms; and encouraging investment in these engines of growth. A September report from the Joint Economic Committee, which I chair, provides fresh evidence of the challenges that continue to face small businesses. While hiring at medium and large firms began to pick up in mid-2009, hiring at small firms remains flat and has continued to decline for the smallest firms--those with fewer than 50 employees. Why aren't small businesses hiring? A big part of the answer is that they simply cannot get the loans they need.
