Washington, D.C. –U.S. Rep. Allyson Schwartz voted for legislation this week that will boost lending for small businesses and provide targeted tax relief so they can expand their businesses and hire new workers. The Small Business Lending Fund, Jobs Creation and Tax Relief Package passed by the House this week is comprised of two bills designed to help small businesses continue to weather the current economic climate.

“Providing American innovators and entrepreneurs with the resources they need to expand their businesses will help rebuild our local economies,” Schwartz said. “Small businesses are the largest job creators in the country and fostering a growth environment for these employers is vital to our economic recovery. This package of bills will boost lending, provide needed tax relief and incentives to grow small businesses and help build a stronger foundation for the American economy.” 

The Small Business Lending Fund Act will create three separate programs designed to increase lending to small businesses and create jobs: 

·         Create a small business loan fund designed to boost lending to small businesses looking to hire and expand their operation by providing additional capital to community banks;

·         Provide $2 billion in funding for new or existing state lending programs that will quickly increase small business lending and create jobs;

·         Establish at the Small Business Administration a program to provide equity financing support to early-stage and high growth small businesses.

The Small Business Jobs Tax Relief Act will provide important tax relief targeted to small businesses to provide incentives to expand their businesses and create jobs.

On June 22^nd, Schwartz will host a Small Business Resource Seminar with representatives from the Small Business Administration, the U.S. Commercial Service, the IRS and several other local Pennsylvania agencies. The seminar, which will be held in Lansdale, PA, will provide local small businesses with the tools and resources they need to expand and hire more workers as we continue to spur economic growth across the country.  

####