The Economy Project
Second Jobs Stimulus Bill To Help Small Businesses
By Ryan Morden
Oswego, NY – When Congress returns from their spring recess, members want to work on passing a second jobs stimulus bill.
The latest proposal aims at helping small businesses get loans.
U.S. Senator Chuck Schumer said small to mid size banks would help issue the loans, but the federal government would be the lender.
"Right now, small businesses have a very rough time getting loans," said Schumer.
Schumer said the new loan program would use money from the Troubled Asset Relief Program, or TARP.
The first jobs bill, which President Barack Obama signed into law a few weeks ago, gives small business a tax credit if they hire an unemployed worker.
"Any Central New York employer who is thinking of hiring somebody should know that they won't have to pay any payroll tax for the whole year. So that's law," said Schumer.
The tax break is only temporary, but lawmakers said if it's worth continuing, they would make it permanent.