WASHINGTON — Small businesses stand to reap the benefits of the newly-signed Recovery Rebates and Economic Stimulus for the American People Act of 2008, said the Small Business Administration.
SBA Administrator Steve Preston said HR 5140, signed yesterday by President Bush, 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 increases the limit on expenses that small businesses can deduct from annual income.
Preston met with CUNA President/CEO Dan Mica on Tuesday 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.
Recommended For You
Meanwhile, nearly 50 credit unions have signed on with the agency's Patriot Express program, launched in the summer of 2007. Preston is also hoping to see increased participation within the agency's Rural Lender Advantage program that promotes the economic development of local communities, particularly those facing population loss, economic dislocation, and high unemployment.
"It was clear from my discussions with Mr. Mica that the many operational reforms we are driving at the SBA will provide a clear benefit to credit unions [that] use our services," Preston said.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
