A new small business bill may help with job growth and expansion of companies thanks to various tax credits and small business loan opportunities which many business owners have been seeking over the past months. Previously, small business loan opportunities from community banks, which had loans guaranteed by the SBA, were heavily used by small businesses and tax credits for hiring new workers have also been taken advantage of by companies who are looking to grow.
While the hiring tax credit is still available, small business loan opportunities were reported to have been almost nonexistent as SBA funding, which guaranteed a higher percentage of small business loans, expired.
There are small business owners who have claimed they were unable to get the funding they needed from small business loans in order to grow and expand their company. Understandably, this has been problematic for businesses that need capital in order to either buy equipment, take on more customers, or simply expand their operations, but this new small business bill may provide the assistance these businesses need in the form of SBA loans, which have been set in place to allow various banks to offer small business loans with higher guarantee rates from the SBA.
Some argue that at the present time small businesses will be unwilling to take on debt as the economy remains uncertain and unemployment is still high. Sadly, there are those who feel that unless unemployment is abated, which would require more hiring on the part of businesses, consumers will spend less, companies will suffer, and small businesses may be unwilling to take on debt or hire new workers.
However, it’s hoped that the small business loan opportunities will now be more available to companies who are seeking a loan for their company and current and future tax credits may also bring more jobs back from overseas or simply allow companies a tax break if they hire more workers. While many still believe that these provisions in the new small business bill may take time before they assist with the unemployment problem, there are still those who feel more needs to be done to combat high unemployment numbers and small business troubles.