The small-business jobs bill is now under consideration in the Senate, with supporters hoping the $30 billion legislation passes before the August recess.
Highlights of the bill include:
Self-employed business owners could deduct their family's health insurance expenses from their 2010 self-employment tax income.
Regarding general business 7(a) loans, the 90 percent guarantee level and waived borrower fees would be extended through 2010. In addition, the maximum loan size, which currently stands at $2 million, would increase to $5 million.
The maximum size of microloans would increase permanently from $35,000 to $50,000, and microlenders could borrow $5 million from the SBA, up from $3.5 million.
The SBA would set alternative size standards for 7(a) and 504 borrowers based on tangible net worth and average net income. Standards would be set temporarily at a net worth of up to $15 million and a net income of up to $5 million.
The entire bill and a detailed summary of the legislation can be found at http://finance.senate.gov.