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
Different voices within the industry have supported the act, including
the Specialty Equipment Market Association (SEMA).
HERE to see the full text of the bill.
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