What Took So Long to Help Small Business?

If this nation is looking for an issue that will get bipartisan support, that issue is being debated right now: it’s the Small Business Bill. For two years, President Obama has virtually ignored small business – the source of 70 percent of new jobs — but suddenly he’s paying some attention. The result is that it’s a rare time in Congress that both parties actually support a bill. Can you imagine how the toxic environment in Congress would have changed if he had supported these and other small business initiatives at the very onset of his administration? Can you imagine how many jobs could have been created over the last two years?

It’s as if the President has awoken from a two-year coma. After stonewalling shouts from the business community and some legislators, the administration is considering tax cuts for small business, creating a fund that will encourage community banks to lend money to small local companies, and even (gasp), looking at ways to reduce health care costs for small business. It’s about time.

This bill would have gotten greater support if the funds weren’t coming from another federal bailout. That’s why some Republicans are labeling this “Son of TARP”. It is amazing that every time the President sets off to do something positive, he stops momentum by throwing more deficit generating, federal funds at it. As the administration begins paying attention to small business, maybe they should start paying attention to how small businesses actually grow and make money? Business owners know better than to overextend their spending. Instead, they find ways to postpone spending or cut costs. This is a lesson that Obama has yet to learn. Maybe if he had someone on his staff that knew something about running a business, we could have taken these steps must sooner. Let’s hope he stays on course by making small business the centerpiece of our badly needed economic recovery.

One Response to “What Took So Long to Help Small Business?”
  1. Lee Huang says:

    Good that the bills is signed. The concern is how efficiently the money is delivered down to actual small business owners. Where is the best place to get those funding? The funding is funneled down only from community banks only? or need to go to SBA to apply for that?

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