$42 billion measure to aid small businesses
U.S. Rep. John Salazar, D-Colo., touted a $42 billion measure passed Thursday by the House as an aid to small businesses.
The measure, however, ran into criticism from Republicans who derided it as “Son of TARP,” referring to the Toxic Asset Relief Program, which has been criticized by both parties.
Republican Scott Tipton, who is challenging Salazar for his seat, couldn’t be reached for comment.
The measure, H.R. 5297, will free up access to credit for small businesses and will offer them tax relief, Salazar said, calling it deficit-neutral over the next 10 years.
The legislation passed 237–187, a vote that split along party lines.
It sets up a $30 billion government fund to help community banks lend to small businesses and cut taxes on both big and small businesses.
“This long-awaited legislation will provide much-needed access to credit and tax relief for small businesses, ensuring they have the capital they need to grow and thrive despite the current economic climate,” Salazar said in a statement.
The legislation also pumps money into state programs supporting small businesses and increases lending to small businesses in rural areas. It also would establish a new program to support new rural businesses.
President Obama is expected to sign the bill.