News and Views

May 17, 2012

Obama Signs Jobs Act to Help Small Businesses


President Obama signed into law the American Jobs (Jumpstart Our Business Startups) Act, which is designed to help add jobs and bolster the economy.

The bill includes $253 billion in tax credits and $194 billion in spending, plus extension of unemployment benefits. Among its elements are the following specific actions:

  1. Cutting and suspending $245 billion worth of payroll taxes for qualifying employers and 160 million medium- to low-income employees.
  2. Spending $62 billion for a Pathways Back to Work Program for expanding opportunities for low-income youth and adults.
    • $49 billion—Extending unemployment benefits for up to 6 million long-term beneficiaries.
    • $8 billion—Jobs tax credit for the long-term unemployed.
    • $5 billion—Pathways Back to Work fund.
  3. Spending $50 billion on both new and pre-existing infrastructure projects.
  4. Spending $35 billion in additional funding to protect the jobs of teachers, police officers and firefighters.
  5. Spending $30 billion to modernize at least 35,000 public schools and community colleges.
  6. Spending $15 billion on a program that would hire construction workers to help rehabilitate and refurbish hundreds of thousands of foreclosed homes and businesses.
  7. Creating the National Infrastructure Bank (capitalized with $10 billion), originally proposed in 2007, to help fund infrastructure via private and public capital.
  8. Creating a nationwide, interoperable wireless network for public safety, while expanding accessibility to high-speed wireless services.
  9. Creating additional regulations to rein in businesses who discriminate against hiring those who are long-term unemployed.
  10. Loosening regulations for small businesses that wish to raise capital, including crowdfunding, while retaining investor protections.

Think positive—it may just be the boom small business needs! •

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About the Author

Jerri Hemsworth
Jerri Hemsworth
Jerri Hemsworth is Founder/CEO and Creative Director of Newman Grace Inc. Established in 1996, Newman Grace demystifies and simplifies marketing by providing great strategies, great creative materials, and doing so in a friendly way that makes clients feel comfortable and cared for. Jerri is an Editor of Southern California Professional. She is an adjunct faculty member of Woodbury University where she teaches Graphic Design. She also sits on the advisory board of directors for Shane's Inspiration (, a non-profit organization committed to designing inclusive playgrounds and programs that unite children of all abilities.



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