NFIB Statement on Senate Small Business Jobs Act of 2010
CONTACT: Melissa Sharp 202-314-2068 or Melissa.Sharp@NFIB.org
WASHINGTON, D.C., July 22, 2010 — Susan Eckerly, senior vice president of the National Federation of Independent Business, the nation’s leading small business association, issued the following statement on H.R. 5297 the Small Business Jobs Act of 2010:
“NFIB commends the U.S. Senate for focusing on small businesses, our nation’s job creators. The Small Business Jobs Act will help some small businesses during these difficult economic times. The tax provisions will make it easier for entrepreneurs to start a new business and invest in their business property.
“We are also pleased that this bill includes the self-employed healthcare deduction which will provide significant savings and tax equity for self-employed individuals who are paying for their own healthcare expenses. Additionally, the lending fund has the potential to help credit-worthy small businesses that have had difficulties obtaining credit, which is a good thing.
“However, while there are some positive provisions in this bill, it does not address the most pressing problems facing small business owners today. The primary problem facing small business owners right now in terms of job creation is not access to credit, it’s a lack of sales, customers and confidence. Small business owners are unlikely to invest in hiring or expanding their businesses when sales and profits remain weak. For these business owners to start hiring again, demand must pick up and confidence in the economy must be restored.
“Currently small business optimism in the economy is very low. Small business owners are worried about the threat of increased taxes, new healthcare mandates, higher energy costs and more regulations from Washington. Small businesses need to know if the individual tax rates are going to remain at current levels or increase. They need to plan for the estate tax. And now they have to calculate how much the new healthcare law will cost their business. All of these issues make it that much harder for businesses to survive and grow.
“Therefore, while the Small Business Jobs bill may help some small businesses, this is just the first step. We urge the Senate to continue to focus on helping the small business sector of the economy. The most important thing Congress can do now is eliminate the uncertainty over what a small business’ tax liability will be in 2011.”
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