House passes small business lending bill

Examiner.Com (2010-09-23) Adam Pollack

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More Info: CA 50 Congressional District

House passes small business lending bill

The congressional stalemate on the small business lending bill, H. R. 5297, ended today at 3:03 pm. The House approved the amended bill by a vote of 237 to 187.

Only one Republican voted yes. Reps. Brian Bilbray, Duncan Hunter, and Darrell Issa voted no. Reps. Susan Davis and Bob Filner supported the Small Business Jobs Act of 2010.

Businesses in San Diego will get tax breaks and community banks and credit unions gain financial support from the $30 billion lending fund. Sen. Barbara Boxer (D-CA), after the Senate passed the amendment on September 16, said, "“Small businesses are the major job creators in our economy and this legislation will ensure that our small businesses have the tax incentives and credit they need to expand and hire.” The tax breaks are expected to save small businesses across the nation $12 billion.

The Treasury Secretary can begin ordering investments in banking and credit institutions.

In San Diego, when the bill passed, just after noon, Ken Clark from the Business Development Center at Southwestern College and community lenders were at a workshop, for Small Business Loan Day, telling owners and entrepreneurs the available loans and loan guarantee programs. Locals had the opportunity to learn how financing works.

The 52d congressional district candidates Ray Lutz and Duncan Hunter have used the lending bill to set the stage for positioning on government involvement in the recovery in the private market. Lutz, at the end of July, when Republicans were still filibustering the bill, said it helps the habitual job producing enterprises succeed. Hunter says regulation limits lending, and institutions with more freedom to choose investments could give out more funds.

Hunter also voted no on the bill in July.

The President, ready for the time owners can cash in on his policy, must sign the bill.