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Obama signs Small Business Jobs Act; reactions mixed

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A new law would help recession-plagued small businesses obtain capital to expand and hire, while supporting innovation and entrepreneurship, according to a news release from U.S. Sen. Claire McCaskill, D-Missouri. 

But Scott George, owner of Mount Vernon-based Mid-America Dental and Hearing Center, doubts that the Small Business Jobs Act, passed Sept. 16 in the U.S. Senate and signed Sept. 27 by President Obama, will accomplish its goals.

It seems pretty narrow. It’s for people who are expanding,” George said from a business conference in Florida. “Most people aren’t expanding. They’re just sitting tight.”

The law will

  • Provide $1.5 billion in grants to support $15 billion in new small business lending through state programs;

  • Create a $30 billion Small Business Lending Fund for community banks to lend from;

  • Prevent small businesses from incurring tax penalties aimed at large corporations;

  • Help small businesses that want to export goods, and;

  • Allow self-employed individuals to deduct health insurance costs to pay self-employment taxes.

Most people are saying what we need is customers,” George said.

The Small Business Exporters Association also supports the law, according to a news release from the organization.

Our small businesses will play a critical role in helping our country recover from this devastating recession, so I’m pleased that Washington was able to come together to pass legislation that is not only paid for, but will also help get our economy back on track,” McCaskill said. “By giving small businesses the necessary support they need to recover from this crisis, they will help put unemployed Americans back to work.”

Read more about the Small Business Jobs Act in the Oct. 4 Springfield Business Journal.

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