Pallone Lauds Passage of Small Business Jobs Act

September 23, 2010

Washington, DC – Congressman Frank Pallone, Jr., praised passage of the Small Business Jobs Act - the job-creating bill that will help over 700,000 New Jersey small businesses by providing the resources to thrive and add workers. The legislation increases much-needed lending to millions of small businesses, and offers eight new tax incentives to companies, so that they may expand, hire, and fuel our economy.

“Small businesses are the engine of the economy and are the prime source of job creation,” said Pallone. “This legislation will prevent empty store fronts from blighting our Main streets, but more importantly it will help small businesses grow and compete in today’s economy.”

The act will utilize a $30 billion fund to leverage $300 billion in private sector credit - targeted at small businesses and community banks. The Jobs Act will help ease the credit squeeze that has made it hard for small businesses to secure the resources they need to operate and to expand.

This bill is fully paid for and will not add a dime to the deficit.

“Small business owners tell me that access to credit is one of the big impediments they face as they try to work out of the difficult economic times," said Pallone.

In New Jersey, 98.5 percent of employers are small firms with under 500 employees and over half of private sector workers are at small firms.