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Rep. Yvette D. Clarke Applauds Passage of Senate Small Business Bill

Today, Congresswoman Yvette D. Clarke released the following statement after the Senate passed the Small Business Jobs and Credit Act of 2010, a bill to help strengthen the economy and assist small businesses.

“Today, I applaud my colleagues in the Senate for passing the Small Business Jobs and Credit Act of 2010. This legislation brings us one step closer to providing small businesses the tax cuts and access to credit assistance they deserve.”

This legislation will:

•Leverage up to $300 billion in loans for small businesses through a $30 billion lending fund for small and medium-sized community banks, which focus on lending to small firms, and $2 billion for innovative state lending programs supporting small business;

•Restart private investment to meet small businesses’ evolving financing needs through a new SBA public-private partnership; and

•Provide billions in bipartisan tax incentives to spur investment in small businesses, the formation of new small businesses, and grant small business tax penalty relief.

“Small businesses are essential to recovery. Therefore, it is imperative that we give them access to the resources they need to strengthen our economy,” Rep. Clarke added. “This legislation is the latest in a series of bills that have cut taxes for small businesses. This Democratic Congress and Administration are working together to put small businesses first! To date, President Obama has signed eight tax cuts into law aimed at helping small business.”

“As the final vote on the bill approaches in the coming week, I urge my colleagues in the House to support it in order to provide relief to small businesses as quickly as possible. In these difficult times, we must put aside our partisan politics and focus on creating solutions that will lead to economic growth. I will continue to fight for our small business as we continue to strengthen our economy going into the 21st century,” concluded Rep. Clarke.