Providing For Consideration Of Senate Amendment To H.R. 5297, Small Business Jobs Act Of 2010

Floor Speech

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Mr. McGOVERN. I thank my colleague from Maine for yielding me the time.

Mr. Speaker, I rise in support of this rule, and I also rise in support of the underlying legislation.

Small businesses are drivers of economic growth and play a pivotal role in creating jobs in our community. In fact, in my home State of Massachusetts, small businesses represent 85 percent of companies and employ over a quarter of our workforce. As I meet with small business leaders across my district, I hear time and time again that access to capital--dollars that allow our small businesses to invest and to grow--is a main concern, especially in these difficult economic times.

It is clear to me that small businesses are a vital component of economic recovery. As we work to rebuild our economy and create good-paying jobs here at home, we must support the efforts of small businesses across the country. That is why, Mr. Speaker, we must act today to pass this legislation.

H.R. 5297 goes a long way in helping our Nation's small businesses thrive. Specifically, this bill authorizes the creation of a small business lending fund which will enable community banks to increase lending to small businesses. It raises Small Business Administration loan limits, and it improves access to these loans. It provides grants to States in support of small business lending programs.

In addition to creating future opportunities for investment, this bill provides small businesses across our country with $12 billion in tax cuts and includes a 100 percent exclusion from capital gains taxes on small business investments. These tax breaks will make it easier for businesses to operate and will increase their capacity to grow.

As we invest in our small businesses, we forge a path toward economic prosperity for so many Americans--not only for small business owners, but for those who will be employed by these companies. Improving small business access to capital will foster innovation and encourage the development of new products and services to carry our country forward.

Simply put, Mr. Speaker, we have to act now. It's the right thing to do. All of my colleagues who have gone home and talked to their constituents, and particularly to small business owners, know that this issue of extending credit is a big deal. They want us to help, and that's what this bill is about.

So I urge my colleagues on both sides of the aisle to think about the small businesses that we represent and to support this rule and the underlying legislation. And I urge my colleagues on the other side of the aisle to put people ahead of politics this time and help our small businesses.

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