Obama Provides $42 Billion in Relief to Small Businesses

Obama Provides $42 Billion in Relief to Small Businesses


After months of waiting for economic recovery to trickle down to Main Street, President Barack Obama is expected to sign a $42 billion small business stimulus bill today.

The bill, which includes $12 billion in tax breaks and authorizes the creation of a $30 billion government lending fund to community banks with limited assets, is expected to create 500,000 jobs.

In recent weeks, President Obama has implored Congress to bring an end to partisan jockeying to send him a small business bill that would allow the federal government to provide some much needed relief to the American citizenry.

The Small Business Jobs and Credit Act of 2010 was finally approved by the U.S. House of Representatives last week on a vote of 237 to 187.  The U.S. Senate had previously passed the bill on September 16th of this year.