Another piece of the legislation that we have passed through the House and the Senate, I believe, is taking it up tomorrow, is the HIRE Act, or the Hiring Incentives to Restore Employment Act, which includes tax cuts, again, for small businesses to invest, expand and hire more workers. It also takes on unemployment directly creating a payroll tax holiday for businesses that hire unemployed workers to create, we hope, some 300,000 jobs in our country and an income tax credit of $100,000 for businesses that retain those employees. These tax cuts and credits are going to help our small businesses grow and push our unemployment rate down. As I said, the Senate is considering this, I believe, tomorrow. So we will look forward to the Senate's passing that legislation and again getting that out to help our small businesses throughout this community. As a consequence of our recession, small businesses are hesitant to invest in expansion in the current economic climate.
Editor's note · Context
The speaker discusses the HIRE Act aimed at supporting small businesses and reducing unemployment.
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