Small Business Bill Signed

On September 27, 2010, President Obama signed into law the Small Business Jobs and Credit Act of 2010 (H.R. 5297). Under this bill, which NAR supported, the U.S. Treasury would be authorized to lend up to $30 billion to interested community banks to further expand lending to small businesses.
As an incentive for participating community banks to increase small business lending, their interest rate would be adjusted relative to the amount of their small business lending activity. It is estimated that community banks could use the $30 billion lending fund to leverage up to $300 billion in new loans to small businesses. Additionally, the bill enhances Small Business Administration (SBA) programs and provides $12 billion in tax breaks for small businesses.

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