Small Business Lending Fund Act of 2010 Has Moved to Senate for Debate
July 16, 2010

A new small business lending act, that could benefit small businesses such as local auto glass shops, was passed out of the House and into the Senate. The act, HR 5297, would create the Small Business Lending Fund Program which is designed to provide money to banks to make loans and credit available to small businesses. The program also seeks to amend the Internal Revenue Code of 1986 in order to create small business jobs by way of tax incentives.

The act also includes an extension of the bonus depreciation program, which allows businesses to write-off 50 percent of the cost of newly-purchased depreciable property. The depreciation was permitted in 2008 and 2009 and this would encourage companies to invest in more efficient equipment.

Different voices within the industry have supported the act, including the Specialty Equipment Market Association (SEMA).

CLICK HERE to see the full text of the bill.

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