ROCKVILLE, MD — U.S. Senator Ben Cardin (D-MD), a member of the Senate Small Business and Entrepreneurship Committee, today sponsored a Legislative Update for Montgomery County small business owners to discuss legislation that will help them create jobs. Congress enacted the Small Business Jobs Act into law September 2010 and it provides $12 billion in tax cuts, increases small business lending and provides access to private capital.
The small business jobs bill includes several provisions co-sponsored by the Senator, including an extension of higher limits on the Small Businesses Administration’s (SBA) loan programs, improvements to the SBA trade and export finance programs and reforms to federal contracting laws to level the playing field for small businesses. The law also includes Senator Cardin’s amendment that requires federal contracting officials to complete small business training before receiving certification, and another to require federal agencies to report directly to Congress on contracting with veteran-owned, women-owned, and disadvantaged small businesses
“Small business owners have been particularly hard hit by this economic downturn, which has been the worst since the Great Depression,” said Senator Cardin. “We need to grow our economy and create jobs and small businesses are the key to our economic recovery. I want to be sure that small business owners in Montgomery County have the information they need to help them access capital and create new jobs.”
Bridget Bean, Washington District Director of the SBA, also attended the forum to discuss how small businesses can better access capital. In addition, staff members of the Small Business Committee were available to answer specific questions from business owners about the new law.
“The Small Business Jobs Act is the most significant piece of small business legislation in more than a decade. By building on what is already working, the Jobs Act empowers the SBA to do more to help small businesses gain access to credit, to help them win contracts to provide goods and services to the American people, and to train entrepreneurs and sharpen their management skills. Despite tough economic times, the private sector added a million jobs last year. Supporting this recovery is the most important investment we can make in our economic future,” said SBA District Director Bean.
The Small Business Jobs Act of 2010:
o Gives small businesses $12 billion in tax cuts
o Helps small businesses create 500,000 new jobs
o Incentivizes and increases small business lending
o Helps small business owners access private capital to finance an expansion and hire new workers
o Rewards entrepreneurs for investing in new small businesses
o Helps Main Street businesses compete with large corporations