Supporting the Foundation of Our Economy: San Fernando Valley Small Businesses

Small businesses are the foundation of our economy, and they are critical to the nation's number one priority: creating the kinds of jobs that will fuel our recovery.

I continue to work closely with business leaders from the San Fernando Valley and across the country to enact federal laws important to improving our business climate and recently I joined my colleagues in passing H.R. 5297, the Small Business Jobs Act of 2010, by a vote of 237-187.

The Small Business Jobs Act of 2010, which the President signed on Monday, September 27,will spur economic growth and create hundreds of thousands of new jobs by encouraging the growth of American small businesses. It increases much-needed lending to Main Street and offers eight new tax incentives so that firms may expand and hire new employees. The $12 billion of small business tax incentives in the bill include: doubling and enhancing small business expensing and extending bonus depreciation; allowing for 100% exclusion of capital gains on investments in small business; doubling the deduction for start-up expenditures; and allowing self-employed taxpayers to deduct health costs for payroll tax purposes. The bill also helps keep jobs in America by closing tax loopholes that reward multinational corporations that ship jobs overseas.

Also in this legislation are provisions to help small manufacturers export their goods, increases to SBA loan limits and a $30 billion Small Business Lending Fund to encourage community banks to lend more. The Small Business Jobs Act will help make America's 27 million small businesses more competitive with big corporations by leveraging up to $300 billion in private sector lending, along with state grants for small business lending. This bill is fully paid for and will not add to the deficit.

A number of organizations focused on small business issues rallied behind the Small Business Jobs Act. It is supported by the National Small Business Association, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, International Franchise Association and the National Association for the Self-Employed.

As you know, working on legislation in Washington is only part of my job. My staff and I devote a great deal of attention to helping small businesses cut through the federal bureaucracy. We can assist you in seeking loans from the Small Business Administration and provide you with information about seminars and technical advice available through various federal agencies.

Should you have concerns or require assistance with any federal agency or program dealing with business, please contact my Valley office at (818) 501-9200.