September 27th, 2010
06:04 PM ET
12 years ago

Obama signs $42 billion bill aimed to help small businesses

Washington (CNN) - President Barack Obama signed into law a $42 billion bill to aid small businesses Monday, saying it would create jobs by providing tax credits and helping banks increase loans.

"It's going to cut taxes. It's going to make more loans available for small businesses. It's a great victory for America's entrepreneurs," Obama said to applause at the White House signing ceremony.

While the bill's major provisions had backing from both parties, it took months of legislative wrangling to work it out.


Filed under: Economy • issues • President Obama
soundoff (9 Responses)
  1. Anonymous

    This is the most political sham done by both parties.
    Reducing the tax base will not add jobs.
    you higher someone- ithe salary is a write off. you buy equipment- it's a write off. If business is good, you willhire an emplyee and add equipment. If it's bad, no tax cut is going to get you to spend money you don't need to.
    This is a media bill and only proves that Congress and politians in general have no clue about business practices.

    September 27, 2010 06:30 pm at 6:30 pm |
  2. Sniffit

    And, of course, this week's favorite talking point for conservative candidates will be to yammer about how they promise to repeal or defund this bill know, because they're so concerned about the welfare of small businesses and their owners and their families and their children and their homes and creating jobs. This will be followed by millions of people nodding their heads in approval and then going to the polls in November to vote against their own interests.

    September 27, 2010 06:32 pm at 6:32 pm |
  3. Dutch/Bad Newz, VA

    After the GOP offered us their "Plague on America," they went back to the House and all of them except 1 voted NO. You can't trust a republican as far as you can throw one.

    September 27, 2010 06:45 pm at 6:45 pm |
  4. Limbaugh is a liberal

    During the first term of Bush's presidency there was a net loss of jobs. And yet republicans told us to be patient. They were making excuses for the lack of job creation after four years. Now with this much greater recession they were harping on the lack of jobs after only a year and a half of Obama's presidency. Hypocrites! And they say we should stop blaming Bush... Even though as late as 2008 republicans invoked Clinton to blame somebody for their failures. Hypocrites!

    September 27, 2010 06:48 pm at 6:48 pm |
  5. Georgie

    Great. Another 42bil (Another "Bill" to the taxpayers) Spend it, we'll just print more!!!! Just like the Fritos commercial. Pay bills by printing money.

    Something about the Weimar Republic collapsing in Germany, printing billions of Reichsmarks to the point of national insolvency. Way to go Dems. You're making the US a bankrupt borrower nation through Socialist activism Can't let anyone fail, they might feel bad about themselves – right? Idiots.

    September 27, 2010 06:53 pm at 6:53 pm |
  6. Peter E

    It is amusing how both parties agree on tax cuts... The one part of economic stimulus used over and over for the past several decades despite NO data supporting that they work at all. For decades the tax rates have steadily declined. In fact, despite pundit spin, so far under Obama our taxes are lower than even during Bush's last term. (about 1/3 of the much debated Stimulus went directly to tax cuts for both families and businesses) And yet over all those decades we had recession after recession. Rich people and corporations got ever richer. We have more millionaires than any country any time in history. And yet, after giving the rich more wealth they didn't create more jobs. In fact, while tax cuts were instituted in response to recessions, they almost always became effective only after the recovery was under way. Tax cuts did not create jobs. They only made the rich richer while giving us huge deficits.
    So guess what's going to happen with the next round of tax cuts: people will keep the money. They like to be rich. But yet again they will not use that to create proportionally more jobs.

    September 27, 2010 06:56 pm at 6:56 pm |
  7. Orlando Patriot

    Just another "stimulus" that won't work. The ONLY way to get business going again is to give the private sector some basic "certainty" on what is going to happen the next few years. Right now they don't have that.
    1) Health Care: they don't know what their cost is going to be.
    2) Taxes: we are in September and the private sector STILL doesn't know what their tax rate will be in 2011.
    3) Cap and Trade: will their energy costs go up?
    4) And so on..........

    Give the private sector the ability to know what the government is planning on doing and they will adjust accordingly. However, until the private sector can make some valid assumptions they will hold onto their cash and WAIT until they DO KNOW!! Anybody who took Economics 101 (and passed!!) would know this!! The scary part is we have an administration and a president that DON'T KNOW THIS!! What do you expect when you elect a Community Organizer who has NEVER even WORKED in the private sector!!

    September 27, 2010 07:01 pm at 7:01 pm |
  8. Mark

    SPEND. SPEND. SPEND. Any other tricks up your sleeves? Clearly your reckless spending hasn't fixed anything.

    September 27, 2010 07:12 pm at 7:12 pm |
  9. Sniffit

    "3) Cap and Trade: will their energy costs go up?"

    As to that point, MIT scientists/professors...yes, people with tons more knowledge than either of us...did a study showing that cap and trade would only cost the average household approximately $340 more PER YEAR than existing conditions. Boehner then promptly quoted that study whle claiming 10x that increase and so those MIT scientists/professors had to send him a letter telling him he's a liar and misquoted their findings. PoInt being, your pet Boehner admitted to the credibility of the study by attempting to use it, so you can't really credibly deny it and claim that cap and trade will cause some giant unknown increase in home and business expenses. It's fairly well quanitfied...and credibly so.

    September 27, 2010 07:28 pm at 7:28 pm |