NSBA President and CEO Todd McCracken joined Sens. Mary Landrieu (D-La.), Barbara Boxer (D-Calif.) and Jeff Merkley (D-Ore.) in calling on the Senate to enact legislation to spur small-business growth. The Small Business Jobs Act, if passed in its entirety, would provide much-needed access to capital for small businesses and would—for tax year 2010—level the playing field for self-employed individuals who currently pay an additional 15.3 percent tax on the cost of their health insurance due to an unfair and inexplicable loophole in the tax code.
"NSBA is pleased to support the Small Business Jobs Act, particularly the provision that would enable the self-employed to realize the full tax benefit on the cost of their health insurance,” stated Todd McCracken, NSBA president. “Furthermore, I strongly urge Congress to retain the Small Business Lending Fund language in this bill, which stands to improve the credit crunch currently hampering small-business job creation."
The Small Business Jobs Act also would include an NSBA-backed extension, through 2010, of the highly successful stimulus bill provisions that provided a 90 percent guarantee on U.S. Small Business Administration 7(a) loans and eliminated borrower fees on both 7(a) and 504 loans.
NSBA has been advocating for a Small Business Lending Fund since early 2009, and cautions lawmakers that small businesses, the job-creation drivers of the U.S. economy, may not be able to hold on much longer. According to the 2010 NSBA Mid-Year Economic Report, due out next week, 80 percent of small businesses have been impacted by the credit crunch and the number of businesses unable to garner adequate financing rose to 41 percent in the last six months.
Please click here for more on the Small Business Jobs Act.