WASHINGTON, D.C. - Todaythe House of Representatives approved H.R. 5297, the Small Business Lending Fund Act of 2010, by a vote of 237-187. The legislation would provide much-needed tax relief and enhanced lending opportunities for small businesses to help them grow and create new jobs. The legislation is fully offset and will not add to the deficit. With passage by the House, H.R. 5297 will now proceed to President Obama’s desk for signature into law.
“This bill provides vital access to capital and tax relief to America’s small businesses to encourage them to invest and hire new workers," said Ways and Means Committee Chairman Sander M. Levin (D-MI). “This should be an issue that enjoys strong bipartisan support. Unfortunately, too many Republicans in this body stand in opposition to this bill for purely political reasons.
“Republicans stand in opposition to this bill because its passage would be a success for President Obama and for this Congress. Republicans in this body should not attempt to hide behind flimsy excuses for the sake of party unity. This mindless opposition does an injustice to the urgency of the situation facing our small businesses back home. This opposition does not serve the small businesses, it does not help our economy recover and it does not help this institution come together to tackle the challenges we face as Americans."
Please click here for additional information on the provisions included in H.R. 5297.
