Thursday, October 23, 2008

Obama's Small Business Rescue Plan

I'm completely neutral to politics, and certainly don't want to turn this into a political blog. However, I thought it was very necessary to report on the proposed small business rescue plan that may affect you if Barack Obama is elected into the white house.

The Washington Post reports:

Barack Obama has proposed a plan of tax cuts and loans for small businesses hurt by the current credit crisis, a temporary program he said is needed to help Main Street and complement what has already been done for Wall Street.

He said the $5 billion Small Business Rescue Plan would be similar to one implemented after the terrorist attacks of Sept. 11, 2001, and would be run through the Small Business Administration.

He told a courthouse crowd that the program would be a way of "extending our hand to the shops and restaurants, the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now."

He said the plan would make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program and eliminating fees for borrowers and lenders.

Obama has previously called for eliminating capital gains taxes on investments in small businesses and start-ups and today proposed an additional temporary business tax incentive through next year to encourage new investments.

For the full article, visit:

1 comment:

  1. Hello, glad you recognize the importance of this.

    I posted it earlier on BWC.

    Certainly you know that politics+money=life. All business men are "politicians."