Small Business Lending Act 2010

On September 30, 2010, President Obama signed into law the Small Business Lending Act 2010.  The Act will help small businesses expand by cutting their taxes and creating a $30 billion loan fund.  The fund will specifically target small businesses many of which have been having difficulty securing bank loans and credit.  The funds will be distributed to small businesses via community banks which will use the money to leverage billions more in loans. 

The legislation includes about $12 billion in tax breaks for small businesses.  Eight separate tax cuts to take effect on Monday, October 4, 2010.  For example, one provision increases to $500,000 the amount of investments that businesses would be allowed to write off this year and next. 

According to Obama, the incentives will help small businesses right away, and "it's a great victory for America's entrepreneurs."

As the Act continues to reveal benefits for small businesses, Novaseal will continue to work diligently to qualify purchases of ShadeSealer and SignSealer machines as added benefits of the new Act.  Return to this page frequently for updates.