Senate Passes Small Biz Jobs and Credit Act

The Senate on Thursday passed the Small Business Jobs and Credit Act, helping some small businesses that qualify for certain tax breaks or new loans.

Rep. Nydia Velázquez, D-N.Y., the chairwoman of the House Committee on Small Business, commented today on Senate passage of H.R. 5297: "Today's Senate vote is another important step toward helping small businesses access capital they need to fuel our economic recovery. The House-passed legislation included strong safeguards to ensure that banks boost their small business lending. I look forward to working with my Senate colleagues to ensure any final package achieves that goal."

The National Federation of Independent Business applauded the measure's passage, but lamented that a repeal of the Form 1099 requirements was not included.