December 1, 2011 Leave a comment
The highly qualified professionals at Axiom Solutions LLLP work with companies to explain and research the current tax laws and benefits that apply to their particular situations, including the Small Business Jobs Act (SBJA). In the following, Axiom Solutions discusses the act.
The act was ratified on September 27, 2010, by the 44th President of the United States, Barack Obama. About $505 million was allocated in order to back over $12 billion in loans for small businesses. The act focused on supporting small businesses run by women, minorities, veterans, and individuals in remote areas of the United States, comprising 66% of those who received aid.
Benefits of the act include lower fees, larger loans, and fewer restrictions on those who can qualify. Other effects of the act include commercial real estate financing into the 504 loan program for a period of time and funding for nonprofit groups that work to support small businesses. Other benefits include increased borrowing opportunities for businesses that sell products that require titles, such as cars and boats.
The Small Business Jobs Act will repeal the Competitive Demonstration program currently in place, which will increase opportunities for contractors. Moreover, the act attempts to address fraud and other illegal activities as they relate to small business loans. Goals include facilitating the export of goods produced by small businesses and funding grants for counseling relating to the development of small businesses. The act raises the cap on international trade loans, making the Export Express loan program a permanent institution and establishing $12 billion in tax relief.