Wednesday, March 24, 2010

Owens Votes to Help Small Businesses Hire This Summer

WASHINGTON – Congressman Bill Owens today voted to make business loans more affordable and available for Upstate New York small business. H.R. 4899, the Disaster Relief and Summer Jobs Act, passed the House floor today by a vote of 239-175.

“The key to a full economic recovery lies in the hands of our small business owners, and Washington must make available every opportunity to allow them to hire new employees and expand their operations,” Owens said. “This bill will open up a wider flow of credit to our entrepreneurs so that they support more employees in the summer when commerce typically picks up for many businesses.”

H.R. 4899 extends the Recovery Act small business lending program for an additional month by providing $600 million for the initiative. The program eliminates the fees normally charged for loans through the Small Business Administration (SBA). Since its creation, the program has supported nearly $23 billion in small business lending, which has helped to create or retain over 560,000 jobs.

The program’s funding is completely offset by rescinding emergency funding that is not needed, currently set aside for Cash for Clunkers, the national DTV program and for agriculture disasters.

Unemployment among Americans aged 16-24 is currently at 18.5 percent.

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