Obama Signs Jobs Act to Help Small Businesses

by Jerri Hemsworth | May 17, 2012 3:52 pm

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:

Cutting and suspending $245 billion worth of payroll taxes for qualifying employers and 160 million medium- to low-income employees.
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.
Spending $50 billion on both new and pre-existing infrastructure projects.
Spending $35 billion in additional funding to protect the jobs of teachers, police officers and firefighters.
Spending $30 billion to modernize at least 35,000 public schools and community colleges.
Spending $15 billion on a program that would hire construction workers to help rehabilitate and refurbish hundreds of thousands of foreclosed homes and businesses.
Creating the National Infrastructure Bank (capitalized with $10 billion), originally proposed in 2007, to help fund infrastructure via private and public capital.
Creating a nationwide, interoperable wireless network for public safety, while expanding accessibility to high-speed wireless services.
Creating additional regulations to rein in businesses who discriminate against hiring those who are long-term unemployed.
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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