Senate Passes Bill Aimed at Small-Business Lending

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The U.S. Senate passed legislation last week that aims to increase lending to small businesses, including self-storage. The Small Business Jobs Act will provide small businesses with $12 billion in targeted tax breaks.

The bill had been previously blocked by Republican Senators who said it denied the ability to offer the amendments they wanted. They were also opposed to the $30 billion lending fund for community banks.

The House passed similar legislation last summer, but the speaker of the house said they will likely approve the Senate’s version so it can be ready for President Obama’s approval.

The Small Business Jobs Act would provide capital to community banks for small-business lending, tax incentives for businesses to invent new equipment, and enable business owners to write off 50 percent of the costs of new equipment.

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