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"Jobs for Main Street" Act: Light At the End of the Tunnel?

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By Minara El-Rahman on December 29, 2009 5:50 AM

The "Jobs for Main Street Act" Of 2010 is legislation passed by the House that promises to deliver some hope to small business owners. It aims to create jobs for small business by slowly thawing the frozen lines of credit for small businesses.

This proposed piece of legislation is intended to help Americans directly affected by the recession. Congressman William Clay (Dem-MO) was quoted by the American Chronicle as saying, "I voted against the Wall Street bailout in 2008 because it lacked accountability and did very little to help my constituents. In contrast, this legislation directs Federal dollars to those who need it most... families on Main Street. The Jobs for Main Street Act also provides critical funding for highways, transit, school renovation, teachers, police, firefighters, small business, job training and affordable housing."

So what exactly are some of the key provisions of this jobs bill that create jobs for small business?

Extension of Unemployment Benefits

The proposed bill will extend emergency unemployment benefits through June 2010. This will help the nearly one million Americans who could possibly lose their unemployment benefits in the New Year.

This will help Americans who are pounding the pavement find a job in a small business like yours find a good fit versus taking any job out of desperation.

COBRA Help

COBRA health insurance coverage for the unemployed has also been extended until June 2010.

SBA Loan Fee Elimination

The fees typically associated with SBA loans will be eliminated in order to make them more accessible for small businesses. That means your small business will have more access to money it needs in order to expand and create jobs for small business.

Government Guarantees Increased

SBA loans will also be guaranteed by up to 90% by the government. This will help open up credit for small businesses by encouraging banks to lend to them.

While this proposed jobs bill is a step in the right direction, there is still a long way to go in order for small businesses to prosper. In a press release by the Office of the Speaker of the House, Speaker Nancy Pelosi was quoted as saying, "This legislation today is neither the first nor the last step in our economic recovery; it is another in a series of ongoing efforts to put Americans back to work. We will continue to work with our colleagues in the Senate until this becomes law."

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