Speaking at a Dec. 14 National Press Club luncheon, Mills said President Obama recently signed legislation to extend a "carry-back" provision of the stimulus package that allows businesses with a net operating loss this year to amend their tax filings to carry that loss back five years to offset taxable income in such years. Congress is also looking at a provision to extend tax write-offs and to eliminate capital gains taxes for people who invest in small businesses in 2010.
Mills said the Obama administration is also talking with Congress about a short-term tax cut that will accelerate new hires. The SBA is leading an interagency group to increase the number of exporters and the countries they ship to. To help small business owners rebound from the economic recession, the SBA and Dell have formed an online video partnership that offers tools and strategies in planning for growth, government contracting, team building, marketing, technology, exporting opportunities, and disaster recovery.
"At the SBA, we have a portfolio of over $90 billion in loans and loan guarantees to help these businesses get the credit they need to grow and create jobs. We do this by partnering with about 5,000 banks, credit unions and others," Mills said.
CUNA President/CEO Dan Mica attended the National Press Club meeting and expressed appreciation to Mills about the SBA's outreach to CUs. Mica also reiterated the trade group's support of measures from President Obama's administration to eliminate fees and increase the guarantees associated with SBA loans. NAFCU President Fred Becker, who was also in attendance, said the association will continue to press for enhancements to the agency's program as well as encourage the lifting of CU's member business loan limit.