Obama Signs Bill Giving Tax Cuts, Loan Help to Small Businesses

President Obama signed the fourth job creation measure of the year in to law yesterday, which is expected to be the last before the midterm elections November 2^nd. The bill will provide tax cuts to small businesses, and aims to promote job creation.

BusinessWeek.com reports:

Obama signed the Small Business Jobs Act during a ceremony in the East Room of the White House. It is the fourth jobs measure to clear Congress this year and is likely the last before the Nov. 2 midterm congressional elections.

The bill, which won final congressional approval last week, provides billions of dollars worth of tax cuts over the next 12 months, with the bulk coming through “bonus depreciation,” which allows companies to more quickly write off the cost of purchases. It also revives stimulus provisions cutting fees and increasing limits on loan guarantees offered by the Small Business Administration.