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Today, Barack Obama signed the economic stimulus bill into law. The bill includes help for small business — even help for home business in some cases. Here are some of the items that should help small business owners:
* Loss accounting to help reduce tax liability.
* Expensing for property purchases like computers, cars and trucks, and machinery.
* Incentives for hiring some unemployed workers (military veterans or high school dropouts).
* Capital gains tax breaks for those who invest in small business.
There are also loan programs, including microloans from the Small Business Administration, as well as a special loan program. CNN Money describes the loans meant for small business stabilization:
business stabilization financing," which gives them money to pay off
existing loans. Under the program, the SBA can issue or back loans of
up to $35,000; businesses can then use the money to make up to six
months of payments on previous loans. Interest on stabilization loans
will be fully subsidized, and the loans won't have any payments due for
the first year. Borrowers must repay them within five years.
Do you think these measures will help small business and stimulate the economy?
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