September 16th, 2010
01:03 PM ET
4 years ago

Senate OKs small biz jobs bill

New York (CNNMoney.com) - After months of debate and significant pressure from the White House, the Senate on Thursday passed a $42 billion bill aimed at helping small businesses.

The House passed its own version of the bill about 3 months ago. The Senate's version of the Small Business Jobs Act will now have to go back to the House, where it's expected to pass, before President Obama can sign it into law.

The measure is expected to create 500,000 jobs, according to a Senate summary of the bill. Hiring by small businesses, considered a key driver of job growth, has been shrinking over the last two and a half years.

The bill aims to spur hiring by making credit more available to small businesses. The number of loans has dropped by 17.8% since the second quarter of 2008 and the total value of those loans plunged by $60 billion to $650 billion, according to data from the FDIC.

Without adequate credit, businesses can't grow and hire. The president started pushing for ways to get cheap capital to small businesses nearly a year ago.

What is in the bill: The Small Business Jobs Act authorizes the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.

The idea is that community banks do the lion's share of lending to small businesses, and pumping capital into them will get money in the hands of Main Street businesses.

The bill would also provide a slew of tax breaks to encourage investment that will cost $12 billion over a decade, according to a preliminary estimate from the Joint Committee on Taxation.

And the legislation provides $1.5 billion in grants to state lending programs that in turn support loans to small businesses.


Filed under: CNNMoney.com • issues • Jobs • Senate
soundoff (36 Responses)
  1. Whatever

    Well pigs do fly because that is what the repubs said would happen before they voted for anything put forth by the dems. It's a miracle!!!!

    September 16, 2010 01:12 pm at 1:12 pm |
  2. GI Joe

    They're getting help - now it's time for US. The people that work and pay taxes but don't get the corporate loopholes and tax deductons.

    September 16, 2010 01:16 pm at 1:16 pm |
  3. Marcus

    But it's socialist overtaking of the good ol' American economy! It can't be allowed to pass!!! So what if it WILL help Americans??? It's a matter of principle!!!!
    The lines above are, more or less, what we'll be hearing from GOPers in 3... 2... 1...

    PS: 30-YR ARMY VETERAN FOR THE TRUTH! – Your cap sized defense of why you don't see Sarah Palin as a quitter was one of the most hilarious defenses of cowardice I have ever read! Are you sure you're a vet?

    September 16, 2010 01:17 pm at 1:17 pm |
  4. water bearer

    It's about time!

    September 16, 2010 01:19 pm at 1:19 pm |
  5. SayWhat

    Here are the results of the roll call votein the Senarte on this bill to create small business jobs. See for yourself who is trying to move America forward and who is playing politics:

    Alphabetical by Senator Name
    Akaka (D-HI), Yea
    Alexander (R-TN), Nay
    Barrasso (R-WY), Nay
    Baucus (D-MT), Yea
    Bayh (D-IN), Yea
    Begich (D-AK), Yea
    Bennet (D-CO), Yea
    Bennett (R-UT), Nay
    Bingaman (D-NM), Yea
    Bond (R-MO), Nay
    Boxer (D-CA), Yea
    Brown (D-OH), Yea
    Brown (R-MA), Nay
    Brownback (R-KS), Nay
    Bunning (R-KY), Nay
    Burr (R-NC), Nay
    Burris (D-IL), Yea
    Cantwell (D-WA), Yea
    Cardin (D-MD), Yea
    Carper (D-DE), Yea
    Casey (D-PA), Yea
    Chambliss (R-GA), Nay
    Coburn (R-OK), Nay
    Cochran (R-MS), Nay
    Collins (R-ME), Nay
    Conrad (D-ND), Yea
    Corker (R-TN), Nay
    Cornyn (R-TX), Nay
    Crapo (R-ID), Nay
    DeMint (R-SC), Nay
    Dodd (D-CT), Yea
    Dorgan (D-ND), Yea
    Durbin (D-IL), Yea
    Ensign (R-NV), Nay
    Enzi (R-WY), Nay
    Feingold (D-WI), Yea
    Feinstein (D-CA), Yea
    Franken (D-MN), Yea
    Gillibrand (D-NY), Yea
    Goodwin (D-WV), Yea
    Graham (R-SC), Nay
    Grassley (R-IA), Nay
    Gregg (R-NH), Nay
    Hagan (D-NC), Yea
    Harkin (D-IA), Yea
    Hatch (R-UT), Nay
    Hutchison (R-TX), Nay
    Inhofe (R-OK), Nay
    Inouye (D-HI), Yea
    Isakson (R-GA), Nay
    Johanns (R-NE), Nay
    Johnson (D-SD), Yea
    Kaufman (D-DE), Yea
    Kerry (D-MA), Yea
    Klobuchar (D-MN), Yea
    Kohl (D-WI), Yea
    Kyl (R-AZ), Nay
    Landrieu (D-LA), Yea
    Lautenberg (D-NJ), Yea
    Leahy (D-VT), Yea
    LeMieux (R-FL), Yea
    Levin (D-MI), Yea
    Lieberman (ID-CT), Yea
    Lincoln (D-AR), Yea
    Lugar (R-IN), Nay
    McCain (R-AZ), Nay
    McCaskill (D-MO), Yea
    McConnell (R-KY), Nay
    Menendez (D-NJ), Yea
    Merkley (D-OR), Yea
    Mikulski (D-MD), Yea
    Murkowski (R-AK), Nay
    Murray (D-WA), Yea
    Nelson (D-FL), Yea
    Nelson (D-NE), Yea
    Pryor (D-AR), Yea
    Reed (D-RI), Yea
    Reid (D-NV), Yea
    Risch (R-ID), Nay
    Roberts (R-KS), Nay
    Rockefeller (D-WV), Yea
    Sanders (I-VT), Yea
    Schumer (D-NY), Yea
    Sessions (R-AL), Nay
    Shaheen (D-NH), Yea
    Shelby (R-AL), Nay
    Snowe (R-ME), Nay
    Specter (D-PA), Yea
    Stabenow (D-MI), Yea
    Tester (D-MT), Yea
    Thune (R-SD), Nay
    Udall (D-CO), Yea
    Udall (D-NM), Yea
    Vitter (R-LA), Not Voting
    Voinovich (R-OH), Yea
    Warner (D-VA), Yea
    Webb (D-VA), Yea
    Whitehouse (D-RI), Yea
    Wicker (R-MS), Nay
    Wyden (D-OR), Yea

    September 16, 2010 01:22 pm at 1:22 pm |
  6. NVa Native

    Excellent job Mr. President and Dems.
    Keep pushing hard against the culture of failure.

    September 16, 2010 01:26 pm at 1:26 pm |
  7. Dumbasrocks [R]s

    Yet another example of the [D]s - especially including Reid and Pelosi - doing good for their country. This bill was passed despite much blow-back and swillage from the just-say-no [R]s as they attempted to create negative political consequences to the [D]s from the passage of this bill. With the [D]s, "country first" is just not an empty saying; they actually have the political courage to implement it.

    If you think a similar bill would have gotten through a [R] congress, you need to let up on your drug use.

    If you think that ANY congress would have been in a position to pass any meaningful legislation to spur an improving economy now in 2010 if a [R] president had been elected in 2008, you need to remove your head from Limbaugh's nether-regions.

    September 16, 2010 01:28 pm at 1:28 pm |
  8. Freakanomics

    This is typical Democrat illogic. Credit from where? We don't have money and the deficit has increased exponentially in two years faster than it did the previous eight. Hiring has decreased and loans have dropped because this country lacks money. We teach our kids to not write checks if there is no money in the account. Laws of math are different inside the beltway; and I guess they're the experts on small businesses even though small businesses tend to exist everywhere else in the country outside the beltway.

    Oh well, why not. After all, a health care bill was rammed down our throats that encroached on my constitutional rights forcing me to buy healthcare, the bill was not read by the majority of Congressmen, advocated by a President who smokes, funded by a country with no money and a Treasury headed by a Secretary who doesn't pay taxes.

    September 16, 2010 01:33 pm at 1:33 pm |
  9. Jacob

    So much for the Republican bs that Pres. Obama is anti-business.

    September 16, 2010 01:39 pm at 1:39 pm |
  10. Claudia, Houston, Tx

    Again, more proof our President is working for the American people despite all those who are "derelict in their duty" to work for all Americans rather than 2% of the richest Americans. Thank you Mr. President.

    September 16, 2010 01:39 pm at 1:39 pm |
  11. Still not paid to blog

    Thank you GOP for finally deciding to help America over helping yourselves.

    September 16, 2010 01:40 pm at 1:40 pm |
  12. GOP Scorched Earth Politics

    When Wall Street yells "Jump" , the Republicans ask how high. When Main Street and small biz are barely hanging-on...the Republicans play games and pretend to be concerned all of a sudden with spending – even if it is paid for.

    September 16, 2010 01:42 pm at 1:42 pm |
  13. carlos

    and NOT one ounce of credit for its passage to the depicable talipublicans, they belong in hell

    September 16, 2010 01:42 pm at 1:42 pm |
  14. Eric

    Stimulus part three...

    TRANSLATION: Democrats triple-down on stupid.

    Enjoy the next 40 years in the political wilderness.

    September 16, 2010 01:43 pm at 1:43 pm |
  15. victim of democrat hypocrisy

    What they SHOULD have done from the get-go was instead of bailing out the banks that got us into this mess, SEIZE THEM so the government could loan money to businesses directly!

    September 16, 2010 01:45 pm at 1:45 pm |
  16. Snow

    Will not create any jobs because small business is looking at tax increases and increased regulations plus the health care deformity will cost them to much money. nobummer puts on a show of helping by giving this "stimulus" but will take more than he gives of tax payer money.

    September 16, 2010 01:45 pm at 1:45 pm |
  17. bill

    very good news for working class.NOW REPUBS JOIN IN OR GET OUT OF THE WAY.

    September 16, 2010 01:57 pm at 1:57 pm |
  18. Sniffit

    Nothing will make the GOP angrier than something that has a good chance of working.

    September 16, 2010 02:03 pm at 2:03 pm |
  19. carlos

    cnn, why is this not front and center????? after all, it is going to create jobs for the MIDDLE CLASS

    September 16, 2010 02:06 pm at 2:06 pm |
  20. don

    Maybe the banks will actually start lending to small business again Now that they have competition.

    September 16, 2010 02:07 pm at 2:07 pm |
  21. Rightwrong

    What!? This is just more money for banks. Banks aren't lending, so the solution is to give banks more money? Money they still won't lend out? Even if they do loan, the banks will tack on sky high interest rates on money they recieved for virtually 0% interest.

    September 16, 2010 02:09 pm at 2:09 pm |
  22. annie s

    This bill passed 61 – 38. Republicans once again preferred to vote "No" than to do anything that will help the economy grow. As a small business owner, I will remember that at the polls in November,.

    September 16, 2010 02:12 pm at 2:12 pm |
  23. Clwyd

    And where did the 38 no votes come from? The ones that say we should be doing more for small businesses. Hypocrites! Repulsive, Republicans Hypocrites! Party of No! National Socialists, Nazis!

    September 16, 2010 02:13 pm at 2:13 pm |
  24. Bill

    More Money Spent. Lets just sign it over to China and get it over with.

    September 16, 2010 02:15 pm at 2:15 pm |
  25. katiec

    It would be beneficial CNN if you provided what the count was on the vote. And, who, of either party voted against it.

    September 16, 2010 02:15 pm at 2:15 pm |
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