Obama Signs Small Business Bill

President Barack Obama signed $42 billion piece of legislation Monday aimed at cutting taxes and increasing access to credit within the small businesses community.

Flanked by small business owners in the White House East Room, Obama acknowledged the “long and tough fight” to pass the legislation. The first attempt to break a filibuster and open the legislation up to formal debate was made in late July. It wasn’t until last week that the bill made it through both chambers.

“I regret that this was blocked for months,” Obama said.

The President went on to cast the bill as the “most significant step on behalf of small businesses in more than a decade” and “a great victory for America’s entrepreneurs.”

$30 billion of the legislation will go toward a fund to aid community banks and help boost small business lending. The additional $12 billion will go toward tax breaks.

According to Congressional Democrats, the bill will lead to the creation of 500,000 jobs.