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Obama Pledges $15 Billion to Help Small Businesses |
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The White House has unveiled a $15 billion plan to ease lending to small businesses, according to the Associated Press.
The announcement came at a meeting at the White House for small business owners and organizations, attended by President Obama and Treasury Secretary Timothy Geithner.
The plan unveiled March 16 will use funds from the recentlypassed stiimulus legislation to reduce fees to small business borrowers, increase government loan guarantees through SBA. Geithner also ordered the Internal Revenue Service to issue a series of new rules for temporary but significant tax breaks, meaning that small businesses that earn up to $15 million:
- Will be allowed to claim losses for the past five years in the current tax year,May write off up to $250,000 in investments this year,
- Can reduce estimated tax payments to 90 percent of the previous year's filing,
- Are allowed to take larger depreciation deductions within the first year of property purchases,
- And will see 75 percent of capital gains excluded for those who invest in small businesses.
The plan also requires banks to report regularly on their efforts to lend to small businesses.
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