Washington, D.C. — U.S. Rep. Bob Etheridge (D-Lillington) today voted in support of the Small Business Jobs Act that will create jobs, expand credit, and cut taxes for small businesses. The legislation, H.R. 5297, passed the House by a vote of 237-187.
“As a former North Carolina small businessman, I know that small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years,” said Etheridge. “Credit is the lifeblood of these businesses, and the tax cuts in this bill will get credit flowing and help small businesses grow, hire workers, and fuel our economy.”
North Carolina’s nearly 780,000 small businesses continue to face a lack of credit and tight lending standards, with the number of small businesses loans down nearly 5 million nationwide since the 2008 financial crisis. This bill will apply $30 billion in capital to enable up to $300 billion in lending at our community banks who know local needs best and reduce barriers to small business lending.
An original version of the bill passed the House in June. Etheridge pushed for its passage in the House as North Carolina’s only Representative on the Ways and Means Committee. The legislation will help small businesses expand through a new $30 billion lending fund and $12 billion in tax cuts. It is estimated to help small businesses create 500,000 new jobs.
Continuing Etheridge’s commitment to budget discipline, this bill is fully paid for. It also closes additional tax loopholes that encourage big corporations to ship jobs overseas.
House passage sends this key measure to the President to be signed into law. When signed into law, this bill will work along with the HIRE Act, which Etheridge also helped pass, to continue putting people to work in North Carolina. The HIRE Act included Etheridge’s proposals to provide a hiring tax credit for businesses that hire new workers or expand payroll and to improve school construction bonds.
“I will continue to work to create jobs for working people, improve education for our children and grow the economy for all of us,” Etheridge said.