House Approves $30B Small Business Lending Bill; Heads to Obama for Signature
Sep 23, 2010 4:13 PM EDT
Democrats controlling Congress are sending President Obama a long-delayed bill to help struggling small businesses with easier credit and give them other incentives to expand and to hire new workers.
The legislation passed by a 237-187 vote that split along party lines. It establishes a $30 billion government fund to help Main Street banks lend to small businesses and cut taxes on both big and small businesses.
The legislation is aimed at easing a small-business credit crunch that worsened dramatically after the financial crisis two years ago.
It's a modest victory for Democrats, whose jobs agenda has otherwise mostly been stalled by Senate Republicans opposed to new spending programs.