Hoyer: Small Business Bill Will Spur Hiring

By Kyle LaFleur -Talk Radio News Service

House Majority Leader Steny Hoyer (D-MD) applauded the upper chamber Tuesday for passing the Small Business Lending Act last week.

“We are very pleased that the Senate finally came up with the two Republican votes so that this bill could pass the Senate,” Hoyer told reporters. “It’s a shame it didn’t pass many, many months ago. We believe it will, in fact, stimulate small business.” 

The act would create a $12 billion tax cut for small businesses and set up a fund for community banks with the hopes of spurring lending at the local level.  According to a release by Hoyer, the act is predicted to create and save as many as forty to fifty thousand jobs this year through improvement of the Small Business Administration’s trade and export finance programs.

“The continuing focus of this small business lending bill and our activities have been to create jobs to replace the 8 million jobs that were lost in the last administration,” said Hoyer. “We will continue to work on that.”

The bill comes as part of the Democrats “Make It In America” agenda, which Hoyer claims will ultimately expand the manufacturing sector in the United States.