Dropping 2 U.S. Senate Republicans was all that's necessary to move the small business bill

Congress surprised every person by passing the small business bill. Everybody thought midterm elections in November were too soon for anything to pass. But 2 Republican U.S. senators who are not seeking re-election intersected party lines to give Democrats the votes they needed. Thursday, U.S. Senate approved a small business bill, after fighting all summer over it. The legislation aims to improve access to credit and provide tax relief for small businesses, which policymakers say create a majority of new jobs. The bill now heads to the House, where it is expected to easily move.

Smaller businesses with more access to lending and tax breaks

Regional banks for small company lending may be getting a $30 billion lending fund that would come from the small business bill that passed Thursday in Senate. The fund is being compared by Republicans to the Troubles Asset Relief Program. Many are calling another bailout that is funded by taxpayers. TARP is different than this, of course, since banks actually volunteered to work with the small company lending program, reports the Wall Street Journal. The rate of interest banks are charged for the cash is tied to how much they Use it to increase their small business lending. Part of the small business bill says $12 billion in business tax breaks will be had. Integrated in this is instant write-off of 50 percent of 2010 equipment bought within the year. $500,000 can be the new amount of investment small businesses can sp! end in 2010 and 2011.

Republicans retiring are more interested in issues than getting re-elected

Earlier this year, a smaller version of the small business bill was passed within the House. According to the Los Angeles Times, many businesses chose to Use the plan to weaken the new healthcare reform law rather than supporting it, including the United States Chamber of Commerce and the National Federation of Independent Business. Republicans hoped amendments would be added to legislation as they created a filibuster in July for the small business bill. In the U.S. Senate chamber, House members staged a sit-in at one point. This was done to protest the delays going on. The two Republicans that modified their minds aren’t seeking re-election. These senators are George LeMieux of Florida and George Voinovich of Ohio. The measure passed 61-38 after they joined 57 Democrats and two independents.

Further reading

Wall Street Journal

online.wsj.com/article/SB10001424052748703440604575495882236157048.html

Los Angeles times

latimes.com/news/nationworld/nation/la-pn-small-business-bill-20100917,,2992847.story