May 31, 2010
WASHINGTON, D.C. - Congressman André Carson released the following statement today recognizing National Small Business Week, as well as the efforts by Democrats in Congress to support small businesses throughout Indiana and America:
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"National Small Business Week recognizes the unique impact made by entrepreneurs and small business owners. As our nation continues its recovery from the worst economic downturn since the Great Depression, we must recognize that our comeback will only go as far as our small businesses take us. This is why last month I helped organize an economic forum that brought together representatives from federal, state and city levels to indentify important resources that can assist small business owners.
"Half of our private sector workforce is employed by small companies. It is especially crucial that Congress continues to enact policies that give our small businesses the tax cuts and loans they need to keep growing and continue hiring. The policies of President Obama and Democrats in Congress are working. To keep this momentum going, it's important that Congress approves legislation like the America COMPETES Act and the American Jobs and Closing Tax Loopholes Act of 2010 - bills which are focused on creating good-paying jobs by making investments that will strengthen our economy."
Actions Taken by Congress to Help Small Business:
• The American Reinvestment and Recovery Act continues to improve the nation's economy. The non-partisan Congressional Budget Office (CBO) released a report on the Recovery Act, showing that it was responsible for creating up to 2.8 million jobs in the first quarter of 2010. CBO projects that the Recovery Act could create up to 3.7 million American jobs by the end of September.
• The recently enacted Health Care Reform law will allow small businesses to immediately take advantage of tax credits up to 35 percent of the cost of coverage. This helps to level the playing field for small businesses, which don't have the negotiating power of large corporations and allows them to cover more of their employees.
• The Small Business Financing and Investment Act updates the Small Business Administration's capital access programs to support lending and investment for smaller firms. It includes incentives to encourage local banks to lend to small businesses and reduces bureaucratic red tape, making it easier for entrepreneurs to secure credit.
• Under the HIRE Act, signed into law earlier this year, businesses will receive a tax cut that covers the employer share of payroll taxes for newly hired employees that were previously unemployed, as well as an additional tax cut if they retain these workers for a year. This tax cut will be particularly helpful to small business owners who are currently struggling with the decision of whether or not to bring on an additional employee.
• Carson recently helped pass an amendment to H.R. 5297, legislation to spur small-business lending. The bill will create a Small Business Lending Fund to be administered by the Secretary of the Treasury. Carson's amendment requires banks who participate in the program to include women- and minority-owned businesses in their outreach and advertising.
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