Obama Signs Small Business Act

Tuesday, September 28, 2010 - 8:07am

President says bill will help create new jobs.

President Obama has signed his new small business bill into law.

He calls it one of his "concrete moves" to help put more Americans back to work.

"It was critical that we cut taxes and made more loans open to entrepreneurs," Mr. Obama said after signing the bill.

The $30-billion dollar bill could spark $300 billion in loans, but later on will allow a hike of the top income tax rate that many small businesses pay.

Critics charge the bill is a burden.

"There are a couple of welcome tax cuts that small businesses have been looking for for years but they are by and large temporary. They are small, and they're completely overwhelmed by tax increases that small businesses fear," says Ryan Ellis of Americans for Tax Reform.

Small business owner Ruth Gresser, already an Obama fan, is elated.

"I think that this is the kind of action that can benefit small business," she said after the signing.

Gresser says she hopes to start hiring new workers soon.

That will be the Obama pitch as he heads out to campaign for Democrats.

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