“I commend President Obama on his continued dedication to create jobs and strengthen this nation’s small businesses,” said Congresswoman Yvette D. Clarke.
President Barack Obama proposal includes:
• eliminating capital gains taxes on small business investment;
• waiving fees and increase the guarantees for SBA-backed loans;
• boosting investment to modernize transportation and communications networks beyond what was included in the Recovery Act;
• expanding select Recovery Act initiatives to promote energy efficiency and clean energy jobs; and
• extending emergency assistance to seniors, unemployment insurance benefits, COBRA, and relief to states and localities to prevent layoffs.
“The impact of the current economic downturn on small businesses cannot be overstated. As a significant source of new net jobs in this nation, focusing resources to small firms will help reinvigorate the economy,” added Rep. Clarke. “They are key to the health of the U.S. economy and represent 99.7% of all employer firms, employ about half of all private sector employees, pay nearly 45% of the U.S. private payroll, and are responsible for more than half of non-farm private GDP.”
“I commend the Obama Administration for making job growth a top priority. I support their efforts to direct additional resources to the small businesses sector, which will be the source of job growth that will lead us out of this recession. I look forward to working the White House along with my colleagues in Congress to ensure that we implement initiatives and legislative strategies to create more jobs throughout our nation,” concluded Congresswoman Yvette D. Clarke.
It's still unclear how Rep. Clarke will address the specific concerns of district 11 in the bill.