President Obama signed a new small business aid bill this week. The package consists of $42-billion split between tax breaks for small businesses and cash for community banks intended to increase lending. How that will help you is still unclear.
An article from Rueters.com captures the sentiment that some small business owners are feeling:
(Bruce) Freeman, who runs Proline Communications, a marketing and consulting business in New Jersey and writes a syndicated column “Ask The Small Business Professor”, said the the $12 billion in tax breaks included in the bill will help, but the larger $30-billion portion earmarked for small community banks should instead be given directly to small businesses.
“Give it to me. Don’t give it to somebody else to then hopefully, maybe, get it to me,” said Freeman, who would prefer to get the money in the form of tax credits, or some other more direct assistance. “Give it to me in the form of beer bottles with the name of my business on it, but give it to me. This loan stuff is ridiculous, because I don’t know if I could ever get one.”