From tax enticements to hire new employees to tax write-offs for investors, SBA Administrator Karen Mills said the agency's partnership with credit unions and other lenders will continue to help kick start the small business sector.
Speaking at a National Press Club luncheon this afternoon, Mills said President Obama recently signed legislation to extend a "carryback" provision of the stimulus package which 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.
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"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.
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