Keeping jobs creation in America as a top priority, U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today voted in favor of the Small Business Jobs and Credit Act, which passed the House with a vote of 241-182.

“We often say that small businesses are the driving force of our economy. In fact, small businesses have generated 64 percent of new jobs over the past 15 years, and that is why they must be at the forefront of economic recovery today,” said Pascrell, a House Ways and Means Committee member who advocated for the legislation on the House floor this week.  “I have heard from small business owners throughout the Eighth Congressional District about how the lack of access to credit was hurting them.  Well, today the federal government proved how responsive it can be to Main Street businesses. Now, banks will have the resources they need to make sure small businesses flourish, meet payrolls and hire more people.”

The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses.  This new $30 billion lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America.  The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.

The Small Business Jobs and Credit Act offers tax incentives to spur immediate investments in America’s small businesses.  These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.

The Small Business Jobs and Credit Act has been endorsed by a variety of organizations, including the National Small Business Association, the Small Business Majority, National Association of Realtors, the Conference of State Bank Supervisors, the American Bankers Association, Biotechnology Industry Organization and the National Bankers Association.

The congressman’s floor speech can be seen at the following link at 4:46:23:
https://www.c-spanvideo.org/program/294071-3

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