Letter regarding H.R. 5297, the "Small Business Jobs and Credit Act of 2010"
TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, urges the House to approve the Senate passed version of H.R. 5297, the “Small Business Jobs and Credit Act of 2010.” While imperfect, this legislation is a step toward addressing needs of the small business community, but much work remains.
This bill includes several important provisions. Access to capital provisions in the bill that would increase SBA loan limits, temporarily extend government guarantees, and reduce fees would encourage lending to creditworthy small businesses in need of capital to start, expand, and grow their businesses. Provisions to change the tax code would modernize outdated code provisions thus promoting more fairness and allowing small business owners to better allocate existing resources. The bill’s trade resources would help bolster small and mid-sized businesses ability to export their goods. And finally, the bill takes steps to help small businesses operating in the procurement arena.
In addition to this legislation, the Chamber believes Congress should do more to better address priorities of the small business community. The Chamber urges Congress to address the imminent increase in marginal taxes rates and long term capital gains and dividends, the crushing regulatory burden recently imposed by the 1099 reporting requirements of the new health care law, and uncertainty in the lending community posed by the financial reform bill. In addition, the Chamber urges the Administration to conclude pending trade agreements with Colombia, Panama and South Korea, and submit them to Congress for approval. These agreements would open up foreign markets for American businesses, including small businesses.
Ninety-six percent of the Chamber’s members are small businesses with fewer than one-hundred employees. On behalf of these small businesses, the Chamber urges you to support H.R. 5297 and strongly encourages Congress to address the issues of broad economic importance to the small business community.
R. Bruce Josten