WASHINGTON — Ending months of partisan delay, the House gave final passage Thursday to a small-business tax- and lending-assistance bill, handing Democrats a legislative victory on the economic issues central to the midterm elections.
President Barack Obama had pressed Congress to pass the bill despite scant Republican support, and small-business owners welcomed his pledge to sign it into law Monday.
“The small-business jobs bill passed today will help provide loans and cut taxes for millions of small-business owners without adding a dime to our nation’s deficit,” he said. “After months of partisan obstruction and needless delay, I’m grateful that Democrats and a few Republicans came together to support this common-sense plan to put Americans back to work.”
The summer-long wait for action was agonizing for small-business owners, many of whom have been seeking loans for months in the tight credit market.
Scott Hauge, president of Small Business California, said the legislation will save many owners from bankruptcy by reducing tax burdens and making it easier to obtain loans.
“It’s a really, really big deal,” he said.
“After months of election-year politicking, I’m very glad to see the Small Business Jobs Act finally headed to the president’s desk,” said Sen. Mark Udall, D-Colo. “. . . Small-business owners across Colorado tell me this is the kind of help they need to access capital so they can expand and hire new workers.”
Republicans opposed a Democratic move to add a $30 billion small-business lending fund to the bill, which GOP lawmakers compared to the 2008 bank bailout that provided $700 billion to create the Troubled Asset Relief Program.
One Republican, Rep. Walter Jones of North Carolina, voted for the bill Thursday. In the Senate, two Republicans, Sen. George LeMieux of Florida and Sen. George Voinovich of Ohio, both of whom are retiring this year, joined Democrats in passing the bill last week.
The bill creates the $30 billion lending fund to help smaller banks make loans to businesses and offers $12 billion in business tax breaks to encourage investment, entrepreneurship and hiring. Democrats estimate the bill could create 500,000 jobs.
The Denver Post contributed to this report.
