Name the five victorious Senate Dems in this photo -oh, and a look inside the Small Biz Lending bill

quiet.american

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Thu Sep-16-10 11:49 PM
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Name the five victorious Senate Dems in this photo -oh, and a look inside the Small Biz Lending bill

Thought I'd post a sampling of what's in the Small Biz Lending bill passed yesterday by the Senate, (now on its way to expected passage in the House) -- links to all of the bill's good stuff are http://boss.blogs.nytimes.com/2010/09/14/what-the-latest-senate-small-business-jobs-bill-offers/?scp=2&sq=small%20business%20lending&st=cse">here:

Capital gains exclusion.
The bill temporarily increases to 100 percent the capital gains exclusion for stock issued by some small businesses from the time the bill is enacted through the end of the year. The gain is limited to 10 times the original investment or $10 million, whichever is greater. It is not subject to the alternative minimum tax.

Start-up deduction.
The bill would increase, for 2010, the deduction for start-up expenditures to $10,000, from $5,000, and raises the cap on expenditures that triggers a phase-out of the deduction to $60,000, from $50,000.

Deduction for health insurance costs.
The bill would permit self-employed business owners to deduct their family’s health insurance expenses from their self-employment tax income in 2010.

Deducting cellphones.
The bill makes it easier to deduct or depreciate cellphones by removing them from the category of “listed property.” Listed property, when it is not used by the business more than half the time, is subject to stringent limits on deductions and depreciation.

General business 7(a) loans.
The bill would extend through 2010 the 90 percent guarantee level and waived borrower fees first enacted in the 2009 stimulus. (These provisions largely expired in May.) It would also permanently raise the maximum loan size to $5 million from $2 million.

Microloans.
The legislation would permanently increase the maximum size of a microloan to $50,000, from $35,000, and increase the amount a microlender can borrow from the S.B.A. to $5 million from $3.5 million.

Small-business lending fund and aid to state lending funds.
The legislation creates a $30 billion fund to encourage small-business lending by banks with less than $10 billion in assets. Banks that make more small-business loans pay a lower dividend on the money they borrow than banks that don’t. It establishes a $1.5 billion fund to assist state and local government programs to help businesses receive capital.

Pictured: http://www.nytimes.com/2010/09/17/us/17cong.html?ref=politics">Mary Landrieu, Carl Levin, Debbie Stabenow, Maria Cantwell and Amy Klobuchar on Thursday before a news conference on the passage of the small business bill

Go, Dems, go! :kick:

Source:
http://boss.blogs.nytimes.com/2010/09/14/what-the-latest-senate-small-business-jobs-bill-offers/?scp=2&sq=small%20business%20lending&st=cse">NYT: What the Latest Senate Small-Business Jobs Bill Offers