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Small Business Stimulus Package 2009

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

    58 Responses to “Small Business Stimulus Package 2009”

    1. Joy says:

      Finally some relief for small business owners. The tax breaks are the best part of this plan

    2. David says:

      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.

    3. saed m mohamed says:

      me too I have tried and still waiting.

    4. steve says:

      How about lending the cash to these businesses that need it? Tax credits will not help

    5. Louise says:

      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?

    6. Rob says:

      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.

    7. anthony lucero says:

      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

    8. David says:

      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.

    9. Mars says:

      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.

    10. Floyd Polmateer says:

      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.

    11. eddie says:

      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,

    12. Bill Losh says:

      I’ve given up on looking for funding, especially when I was told to my face….”you’re just a middle aged white guy” and the chances are thin to none for any money.

      I’ve proved myself with struggling on a string for 4 years..but no bank wants to let go of any money. They say the 5th year is a charm.

    13. Randi Von says:

      Regarding Funding Your Business!
      Here is the thing…Listen up! I use to own a financial company years ago when Bush was in office and I use to fund businesses through financial institutions for unsecure loans. There is No such loan in America that exists between $100K-$250K. And large banks are only unsecured lenders. You must be in business at least 3 years, must have a 690+ fico score in order to even get $5000 from a bank! It was not that way years ago when Bush was in office; three years after Bush was elected he made provisions for small businesses to obtain healthcare and financing, meaning a unsecure business loan as long as you had a 680 fico rating. 5 years ago, you use to be able to walk into a bank and obtain a $100K line of credit with no financial statements or tax returns. What you stated on the applications would have been good enough to finance your business with stated annual sales on your application. Today, the bank will need to verify your annual sales with the IRS before they will issue out a business loan. The underwriters guidelines are 10% or 15% of your annual sales determines your line of credit. If you want a $100K, you must have $1M in sales and the $1M must be proven in form of a tax return otherwise your loan will be turn down! Anything, between $100K- $250K doesn’t exist in the bank, they are considering SBA loans. Although the bank advertise these loan; they do not fund loans over $100K; but will source out your loan package to CIT Small Business for an SBA Loan; they are the intermediary with these lenders. CIT Small Business will not fund your business unless you are a franchise, and the franchise must be on their list before they will fund it. SBA is a guarantor loan meaning you must put up collateral before they will issue a loan to your business; and you must have equity in your property equal to the value to your loan before they will issue you a line of credit! What these people do is they will call your loan a business loan but it’s really an equity line of credit taken from your property, and given back to you to pay interest on your own money! So you go figure…the entire world is crooked and misleading, and it is set up for consumers to be poor and in the dark concerning how to make money here in the US. The game is to be sold and not told! And this is the reason why you cannot get funded! These banks aren’t giving money to anyone at the moment! You have to wait until the government decided what they will do with these banking institutions. SBA is just an information center; they do not give loans, grants, or any of that nature. The truth hurts, but you are not going to get jack in this society, the economy may come back around in 15 years or so. This is why so many businesses have folded because they can’t get a line of credit to keep their business afloat. If you want to survive in this business; it is best to work as a consulting firm, where you get instant gratification…sell something that makes sense to the public.

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