The New York Times reports that the Senate advanced legislation to aid small businesses on Tuesday after months of Republican resistance.
The President supports the bill, which would provide loans and tax breaks to small businesses, and it is likely to be passed quickly.
The bill would create a $30 billion fund that the government would invest in independent community banks to encourage lending to small firms.
It would also exclude from taxes all capital gains on sales of small business stock and ease tax rules for expensing and depreciation of equipment. Tax breaks in the bill total $12 billion.
What do you think of the new bill? Do you think it will create more jobs?