Small Buisness, creates about 70% of new jobs...help on the way with stimulus

[Peacetrain]

NEW YORK (CNNMoney.com) -- The number of small business loans banks issue has cratered since the recession took root last year. Rebuilding that number is the focus of the small business provisions in the economic recovery bill that President Obama is expected to sign into law on Tuesday.

The bill authorizes the Small Business Administration to temporarily eliminate or reduce fees for participation in its flagship loan-guarantee programs, which insure banks against default by small business borrowers. The stimulus bill also increases to 90% the percentage of qualifying loans that the SBA can guarantee.

For companies in need of quick relief, the bill offers a "small 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.

Let me edit to add: Democrats and the Democratic party are the ones who are trying to save small business and grow the economy :toast:

[PM Martin]

1. Small businesses?

But, why? What have they ever done? Shouldn't all of the money and benefits go to those giant monopolizing global conglomerates?
:sarcasm:

[Peacetrain]

2. Those right wingnut jobs think so

:hi:

[madrchsod]

3. but small business can`t sell to walmart and those big box stores

so what the hell good are they....oh wait a minute..we used to be a small business owners in the last big crash in the 80`s. actually my wife and i did fair job of selling reupholstering of furniture and window treatments. all "cash" business-no credit.