Help For New Mexico Businesses
by U.S. Senator Tom Udall
This week, the Senate reconvened in Washington after the summer work period in our districts, and the first order of business was tackling a long-stalled small business jobs bill.
Believe it or not, all summer this commonsense bill was repeatedly blocked by a filibuster. Thankfully, after months of obstruction, we succeeded in overcoming the filibuster and passing this measure to help New Mexico’s small businesses create jobs and regain access to private capital.
Throughout the financial crisis, small business owners have continually told me, “I can’t get access to credit. And because I can’t get access to credit, I can’t grow.”
The Small Business Jobs Act addresses this problem directly. It creates a $30 billion Small Business Lending Fund, so that our community banks have the necessary capital to reopen the flow of lending to our small businesses.
It also gives small businesses $12 billion in tax cuts, and helps entrepreneurs to make investments of their own, through increased Section 179 expensing and by doubling the tax deduction to help cover the costs of starting up a new business.
After serving on the Small Business Committee for eight years, I know full-well that small businesses are the backbone of our economy. They are responsible for creating two-thirds of all new jobs over the past 15 years alone. Today, with millions of Americans out of work, it’s critical that we give them the resources to create more.
I’m proud to say that the important provisions in this bill will do just that by giving small businesses the help and resources they need to create approximately 500,000 new jobs.
This legislation includes great programs and ideas and I hope the House acts to pass it soon.
Check out my website to find out more about the bill.
Cheers!
Tom Udall
United States Senator
