The House voted on Thursday to pass legislation that would create a $30-billion lending fund for small businesses and $12 billion in tax credits.
The bill, called the Small Business Jobs and Credit Act, was approved by a 237-187 vote. The voting went almost entirely along party lines with just one Republican supporting the measure. The legislation passed the Senate last week, 61-38, thanks to the votes of two retiring Republican senators. It now goes to President Barack Obama for his approval.
The $30-billion loan fund will be administered by the Treasury Department and go to banks with less than $10 billion in assets. Another $12 billion in tax breaks would let businesses write off more of the cost of buying new equipment and making improvements â€“ the expensing limits would be increased to $500,000, double the current amount.
â€œThis bill includes billions in tax cuts specifically targeted to small businesses so they can put more of their own resources into growing their business,â€ SBA administrator Karen Mills said in a press release. â€œThis bill is the right step forward for our nationâ€™s small businesses and our economy.â€