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Senate Democrats Drop $30 Billion Fund From Small Business BillSenate Democrats dropped a proposal to direct $30 billion in federal funds to community banks to boost small business lending.
The small business lending fund was absent from the latest version of small business legislation, unveiled late Wednesday, that is pending in the Senate.
Senate Republicans had derided the fund as another example of a government bailout. Senate Democratic leaders are seeking the support of one or more Republicans to unblock the stalled bill.
“Small businesses are counting on us to pass this bill and it is our hope that this amendment will deliver the 60 votes we need to do just that,” said Senate Finance Committee Chairman Max Baucus (D., Mont.).
The bill would allow small businesses to expense up to $500,000 of the cost of new equipment purchases, and increase Small Business Administration loan limits, among other changes. The $30 billion lending fund was the centerpiece of small business legislation the House passed in June. -By Martin Vaughan, Dow Jones Newswires; 202-862-9244; martin.vaughan@ dowjones.com
Source: Dow Jones & Company, Inc.
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