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News Now

Washington
Small business bill gets final approval
WASHINGTON (9/24/10)--Job creation legislation that will provide small banks with $30 billion in taxpayer funds to lend to small businesses should soon become law after the U.S. House on Thursday passed H.R. 5297 by a 237 to 187 vote. The small business job creation legislation, which passed the Senate by a 61 to 38 vote last week, also provides tax breaks to both small and larger businesses. Legislation that would lift the current credit union member business lending (MBL) cap to 27.5% of total assets was not added to the bill, but the Credit Union National Association (CUNA) continues to work to bring the MBL cap legislation to the House or Senate floors as stand-alone legislation or as an amendment to a future bill. CUNA has estimated that credit unions could infuse a new $10 billion in credit to small businesses--at no cost to the taxpayer--in the first year after a higher cap was enacted. Sen. Mark Udall (D-Colo.), the main sponsor of a Senate MBL bill, has estimated that lifting the cap could create $200 million in new small business funding in his state. CUNA has estimated that lifting the cap would inject $10.8 billion in new funding into the nation’s economy in the first year following enactment. These funds would help small business owners create over 100,000 new jobs, according to CUNA.


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