WASHINGTON -- The Small Business Administration is confident President Bush's newly-signed Recovery Rebates and Economic Stimulus for the American People Act of 2008 will register as a win for small businesses.
SBA Administrator Steve Preston said H.R. 5140, signed on Feb. 12, offers tax rebates that will stimulate short-term consumer spending that could flow to smaller companies, a 50% bonus deduction on new equipment "that normally would be depreciated over the long term," and an increased limit on expenses that small businesses can deduct from annual income.
Preston met with CUNA President/CEO Dan Mica on Feb. 12 to discuss ways to increase credit union participation in SBA's loan programs. More than 385 credit unions now participate in the agency's 7(a) program.