The Senate voted this weekend to temporarily extend funding for two popular stimulus provisions that reduced fees and boosted guarantees on Small Business Administration-guaranteed loans.
The provisions, which helped bolster small-business lending over the past year, had run out of funding in late November. With the new extension, included in the Defense Appropriations bill, the government’s maximum guarantee on SBA loans is restored to 90%, compared to pre-stimulus levels of 75%. Fees that the agency normally changes banks are also waived.
To read more of this Wall Street Journal article click here.
The House has passed legislation that would permanently extend this year’s estate tax rates and exemptions, but the Senate may not act on the bill before Jan. 1.
If an estate tax bill isn’t enacted by then, the federal tax on inherited assets would go away in 2010. The tax, however, would be scheduled to return in 2011 at much higher rates and lower exemptions.
To read more of this Triangle Business Journal article click here.
President Barack Obama today proposed new spending on the nation’s infrastructure, tax credits for small businesses to spur hiring and incentives to make homes more energy efficient in a plan to cut the jobless rate.
Obama also called for “mobilizing” remaining money in the financial-system bailout fund to open up more credit to small businesses.
To read more of this Bloomberg article click here.
Google Inc. (GOOG) Chief Executive Eric Schmidt said Wednesday the single most important thing for the economy is to get lending to small and midsize businesses going again.
In an interview with MarketWatch.com at a press event with California Gov. Arnold Schwarzenegger, Schmidt also said that when he attends the White House’s job summit Thursday, his focus will be on generating green jobs and building energy infrastructure.
Schwarzenegger and Schmidt announced a new Google Earth tool called Cal-Adapt that shows the risks of climate-change impacts in the Golden State. The governor said he plans to attend the upcoming climate talks in Copenhagen.
Wall Street Journal, DECEMBER 2, 2009
