If you haven't yet seen a copy of the $787 billion economic stimulus package signed recently by President Obama, then you're in for a treat. At more than 1,000 pages, it's not exactly light reading. For busy small business owners, ferreting out programs of particular benefit to them has not been an easy process. But, according to a recent New York Times article, the benefits are definitely there. Here's some of the good news for small businesses:
- Increased loan guarantees for Small Business Administration (SBA) lenders.
- New tax credits for businesses that hire disadvantaged workers (including veterans and "disconnected" youth).
- New spending specifically allocated to military construction projects.
- 50 percent bonus deduction on capital investments made in 2009.
- Companies can use losses in 2008 to offset profits in earlier years.
This list is by no means all of the benefits to small businesses, but it's a good start. Do some digging around to find out what other small business stimulus secrets may be hiding in the stimulus package. Your efforts in doing so may be rewarded many times over.
Well, Peter, I have to disagree with you on this one. Most small business owners are very nervous about this stimulus package. For example, the 50% deduction for capital equipment purchased in 2009 means you have to purchase capital equipment. Since the business credit lines are not exactly alive and well right now, that's going to be tough for a lot of SBOs to take advantage of. I could go on, but the fact is I'd like to hear from any business owners who have found a benefit in this package.