The February 17, 2009 law the American Recovery and Reinvestment Act President Obama signed is an economic stimulus plan totaling $787 billion in federal spending and tax cuts. For small business owners the following are examples of how the American Recovery and Reinvestment Act will benefit small businesses nationwide:Small Business Financing
The U.S. Small Business Administration will receive $730 million from the stimulus package—more than doubling their operating budget from 2008. According to a press release from the SBA, funds will be divided among many programs including:
$375 million for temporary fee reductions or eliminations on SBA loans, and for increased SBA guaranteed shares, up to 90 percent for some loans
$255 million for a new loan program to help small businesses meet existing debt payments; and $30 million to expand SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders.
Small Business Tax Breaks
Qualified Property Expense Increased. The ceiling on the Section 179 tax break—allowing companies to expense qualified assets in the first year of service—has been increased from $133,000 to $250,000
Bonus Depreciation Extended. Originally instituted in 2008, businesses will again be able to take an additional bonus depreciation expense of up to 50 percent of the cost of newly acquired fixed assets.
Loss Carry Back Expanded. Only available to companies with sales less than $15 million, a business which incurs operating losses in tax years ending after December 31, 2007, can offset such losses against income earned in previous years and obtain a refund on previously paid taxes.
Vehicle Depreciation Expense Increased. The depreciation expense for passenger vehicles in their first year of service—limited only to those placed into service in 2009—was increased from $2,960 to $10,960. The depreciation expense for light trucks and vans increased from $3,160 to $11,160.
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National Debt 3/9/1999 5,650,748,864,597.49
National Debt 3/9/2009 10,952,663,030,603.41
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