President Barack Obama touted the steps taken and legislation passed by his administration to bolster small business growth while speaking at a manufacturing plant in Rhode Island recently.
So far, the Obama administration has signed 16 tax breaks into law for small businesses as part of the Recovery Act and subsequent legislation, according to a press release. The tax cuts could be great news for those starting an LLC or corporation.
The legislation includes provisions such as a small business healthcare tax credit and a tax credit for hiring unemployed workers. According to the White House, the legislation will also continue to lend support to small businesses struggling to access the credit they need by creating a new $30 billion small business lending fund, extending Recovery Act provisions such as raising SBA loan guarantees and eliminating fees, and doubling the maximum size of most SBA loans.
Obama stated that 3,600 small businesses have received more than $1.4 billion worth of new loans since the last eight tax cuts were signed into law in September, CNN reported.
The president's visit to the Rhode Island business, American Cord & Webbing in Woonsocket, Rhode Island, came eight days before the mid-term congressional elections in which Republicans are expected to pick up seats in both the House of Representatives and the Senate.