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:
• $375 million to lessen or remove loan fees and improve the SBA’s guaranteed share up to 90 percent of some loans.
• $255 million to help small businesses specifically for meeting the debt payments.
• $30 million to enlarge the SBA’s microloan program.
• $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
Finally some relief for small business owners. The tax breaks are the best part of this plan
This stimulus money is a farce, the money will never be made available to small businesses as intended, I have tried to get funding for my business through this program for 3 months now, but the SBA will flat tell you that they don’t know how to implement the program and it is likely that the money will never be made available, so it will just be sent into the general fund.
me too I have tried and still waiting.
How about lending the cash to these businesses that need it? Tax credits will not help
Why is it that the “big guys” that are abusing their businesses get the help from the government, yet those of us who are honest and struggling to keep our small businesses afloat get the oars taken away and we’re left adrift on the open sea?
Here in Ohio (Dayton), I have been working to procure funding for not only service but manufacturing dollars (having to deplete my entire retirement to open my business some years ago). After going through the Micro Enterprise program years ago, I, too, received no funding ($8,500 was my asking). It’s impossible to market your services, despite the fact that demand will lead to at least 20 jobs in our community.
Relative to manufacturing, I have 52 inventions and have met with our town’s development technology centers… There seems to be promise here, but things take time and one must conduct follow-ups or continue to lag behind.
I am hopeful that the SBA will have something “stimulus producing” for our company. We stand to make billions write here in inventor’s valley! I just need some serious help making it happen. Thought the engineering degree would help…
I too have been trying to get financing to open a Subway franchise for about a year now. The SBA has not been helpful, the SBDC is just full of hot air, and the lenders tightened their criteria or just flat out stopped lending to enterprises such as mine. I just paid the 10th month of rent on an unopen store and the fact that I have invested $145K cash from my retirement funds has no effect on my ability to borrow the remaining $100K, even with good credit and an SBDC-approved Business & Financial Plan. How can the lenders representing the SBA deny a loan where I am putting 60% of the total project cost down in CASH? Because they got the money they lost back, and dont intend on letting it happen again- so they are tightening up their standards and criteria and keeping the money. The ‘Stimulus’ is not working- the money is not going where it should be. Small Business owners who are creating jobs and know that if they make bad business decisions there is no ‘bailout’… just failure. And failure is not an option when you earn every dollar instead of steal it-just like they did.
I am really interested in seen if i could get some money, i own a small business and i am struggling. i own a employment agency because i wanna help people get jobs but it is hard. please help with any info
I have an in to get companies certified with the SBA. I can get your company (if it qualifies) Certs for DVBE, WEBE, and Disadvantage Certs. Anyone can reach me at the website posted or call me directly at 626-665-2938. I also have (for california business for now) micro loans up too 35K and also the Obama ARC loan for company debt up too 35K. Contact me on any of these needs and lets talk about how we can keep our companies working!
The whole admin. is a hoax and is uninteligable to run itself. Maybe its too big. The only way our govt. seems to be able to give our tax dollars away is to big corporations or foriegn countries. Did you ever see the documentary “Iraq’s missing billions” They litteraly handed out pallets of hundred dollar bills without any accountability whatsoever. After reading about other peoples experiences I’ll not waste my time trying to get anything from our govt. except the shaft.
I agree He bailed out the banks. An know the small business trying to sale Recreational Vehicles, can not get a loan for flooring or the customers can not get a loan to purchase the units. They are fat and happy and we are still suffering.
Hi; I have been in the used car business since 1998. I desperately need funds with which to purchase vehicles. Is there any stimulus or SBA programs that might help? My fico is in the 720’s. Thank you.
I have a small business that employes 25 people and I didn’t wait for obama and the goverment to help they are all crooks and two faced lyiers.if you are waiting for the government,obama,or the sba
you will need to go to your local shelter or soup kitchen.because
the goverment does not care about you or anyone else.
here is a thought get of your butt and do it yourself.
No Im not some internet business Im a service and manufacturing
company’s and I started with hard work and $50.00 dollars
and built it from there,