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Claiming desperately needed good news for both his party and his country, President Barack Obama signed the new small business assistance bill into law today. When the nation is still struggling with a 9.6% unemployment rate, assisting the small businesses who are said to supply most of the jobs in the American economy is a must.
According to USAToday, small businesses were hit by a "one-two punch" in the recession, the President told the press on September 27. These companies faced not only reduced spending by consumers and a lack of demand for products, but at the same time, the financial crisis tightened the credit markets, making it harder for small businesses to get loans. This new small business law will help, the President said.
The new package contains eight business-oriented tax cuts, and accelerates existing loan programs. According to USAToday, some elements the new bill contains include:
According to a report by Reuters, the Republicans opposed the bill, calling it a smaller version of the Wall Street bail out and blocked it in the Senate for weeks. Democrats say the small business law incentives could provide up to $300 billion in new small business credit and create 500,000 new jobs. "It's going to speed relief to small businesses across the country right away," the President said.