Legislation (at last) to Help Small Business

On the day that the Big Three automakers were asking Congress for a handout, a small step was taken to provide help to small businesses in the form of proposed tax and financing incentives. 

Senate Finance Committee member, Olympia Snowe, has introduced the 10 Steps for a Main Street Recovery Act, a measure to help small businesses during this tough economic period.

The measure would retain the $250,000 first-year expensing limit for equipment purchases after 2008 (when the limit is set to decline to $133,000), allow for a five-year net operating loss carryback for losses from 2008 and 2009 (instead of the usual two-year carryback) and expand access to credit through SBA loans through expanded loan programs and reduction of borrowing fees.

Hopefully, this measure will receive the attention from Congress that it deserves.


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