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Senate OKs Small Biz Jobs Bill

09/16/2010 2:02 pm 0 comments

Source: Catherine Clifford / CNN Money

After months of debate and significant pressure from the White House, the Senate on Thursday passed a $42 billion bill aimed at helping small businesses.

The House passed its own version of the bill about 3 months ago. The Senate’s version of the Small Business Jobs Act will now have to go back to the House, where it’s expected to pass, before President Obama can sign it into law.

The measure is expected to create 500,000 jobs, according to a Senate summary of the bill. Hiring by small businesses, considered a key driver of job growth, has been shrinking over the last two and a half years.

The Small Business Jobs Act authorizes the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.

To read this article in its entirety visit CNN Money.

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