Congresswoman McCollum's Statement on Temporary Extensions for Small Businesses
I rise in strong support of the Small Business Lending Fund Act of 2010 (H.R. 5297). This legislation will extend much needed credit and reduce taxes for small businesses all across the country.
Small businesses are the engine of job creation in our economy and are playing a crucial role in helping America recover from the worst recession in 75 years. Still, small main street businesses are struggling to expand due to a lack of credit. The Small Business
Lending Fund Act of 2010 (H.R. 5297) helps small businesses expand by creating a new $30 billion fund for small and medium-sized community banks. This fund is expected to leverage up to $300 billion in small business lending.
The economic impact of this legislation would be significant. It will create up to 500,000 jobs and provide loan guarantees to approximately 8,000 community banks. H.R. 5297 provides $12 billion in tax breaks for small businesses, including write-offs on capital investments and credits for new hires. More importantly, his bill will not add a dime to the deficit because it is fully paid for by closing tax loopholes.
Congressional Republicans repeatedly say they support small businesses while at the same time deliberately delaying and obstructing this legislation, which cuts taxes and expands access to credit for small businesses. When our economy is recovering and small businesses need access to credit, new American jobs should not fall victim to the gridlock caused by Republicans in Congress.
There is no question in my mind that we will get America's economy back. Until credit is flowing and houses are selling, until customers are confident and job creation is back on track, I will continue to take actions that place our country on a sustained path of broad-based economic growth.
I urge my colleagues to join me in voting for the Small Business Lending Fund Act of 2010.