The Small Business jobs bill cleared the Senate by a 61-38 vote. The bill now heads back to the House for final passage. The Small Business Jobs Act will help create an estimated 500,000 jobs by providing small businesses with access to capital, tax incentives for investment, and support for innovation and entrepreneurship. It will guarantee an estimated $300 billion in lending and $12 billion in tax cuts for small business that have been hard hit by the economic recession and lost more than six million jobs since December of 2007.
As part of the legislative package, Senator Robert Menendez secured inclusion of the Full Faith and Credit in our Communities Act, legislation he authored, which will ensure communities and small businesses have access to the capital they need to grow. Specifically, this provision authorizes the U.S. government to guarantee bonds issued by qualified Community Development Financial Institutions (CDFIs) in order to decrease the cost and increase the availability of credit on Main Street. At virtually no cost to the taxpayer, this provision will help create approximately 40,000 new jobs.”
U.S. Senator Robert Menendez (D-NJ) voted for and hailed today’s vote:
“This legislation could been have approved much earlier if Republicans had not stood in the way, but I am pleased we were able to ensure passage and continue moving forward with our economic recovery. Giving small businesses tax relief and increased access to credit is critical to our job creation and economic recovery efforts. With this assistance, small business entrepreneurs will be able to continue recovering, growing, and hiring, leading the way to a full economic recovery. I’m pleased that the bill included my legislation to get more investment flowing to Main Street and communities hit hardest by the economic downturn. By investing in these communities, we will create jobs, help small businesses, and improve communities.” Said Senator Menendez.