Stimulus Package passed by President Obama has a lot of rebate, relief and refunds for small business as the fact that small businesses form the backbone of American society is evidently clear to everybody. Small businesses can look forward to get more tax relief from the federal economic stimulus plan.
This stimulus package lays out about $730 million in funding to the U.S. Small Business Administration, majority of which will go for financing programs, managing their pay rolls, helping laid off employees get affordable medical insurance in the form of COBRA etc.
Basically, according to industry leaders, the stimulus funds will tap more capital for small and medium sized businesses by providing indispensable financing help.
Small Business Stimulus Package 2009
Below is the outline of the funding that the SBA is going to have:
â€¢ $375 million to lessen or remove loan fees and improveÂ the SBA’s guaranteed share up to 90 percent of some loans.
â€¢ $255 million to help small businesses specifically for meeting the debt payments.
â€¢ $30 million to enlarge the SBA’s microloan program.
â€¢ $15 million to grow the SBA’s surety bond guarantee policy to cover bigger contracts.
For more details on this, check out the informative article here on Obama Small Business Economic Stimulus Package