Senate Passes Small Business Jobs and Credit ActSeptember 23rd, 2010 by Editor
Last week the Senate passed the Small Business Jobs and Credit Act of 2010, a bill written to cut taxes and provide loans for millions of small business owners across America, many of which include those in the window film industry. The Small Business Jobs Act would give small businesses $12 billion in tax cuts; help them create 500,000 new jobs; incentivize and increase small business lending; help small business owners access private capital to finance an expansion and hire new workers; reward entrepreneurs for investing in new small businesses; and help Main Street businesses compete with large corporations.
Industry groups, such as the International Window Film Association, agree that the potential legislation could be beneficial for small companies, but have also expressed some concerns.
“While this should provide funds to the long list of companies waiting for loans (two to three year backlog due to lack of funds) thru the Small Business Administration, it remains to be seen just how much credit, and under what terms, will be made available to very small companies with ten or fewer employees. Just as the TARP package and AARP stimulus did not result in increased lending to small businesses and individuals except for default mortgage reworks, this may or may not have any impact on funding availability to small businesses like window film dealers and distributors. It may take as long as four to six months before there is any clarity to these questions.”
There are window film companies that see value in a bill like this one. Seth Gregory, owner of Bellevue Window Tinting in Columbia, La., says, “Something like that could help some shops. I am completely mobile so I don’t have any overhead. I don’t worry about loans or grants,” says Gregory. “I think it would help the industry in general. Any window film company having money to advertise is a good thing for the industry because it gets consumers talking and thinking about window film and then when they are ready to shop around everyone has the opportunity to gain business.”
The Senate’s version of the Small Business Jobs Act must now go back to the House, which passed its own version of the bill earlier this year. The bill must pass the House before President Obama can sign it into law.