Small Business

Ensuring that small businesses have greater access to credit is an essential step on the road to economic recovery.  America's small businesses have created more than 64 percent of all new jobs over the last 15 years. But today more than 60 percent of small businesses report that credit has become more difficult to obtain because of the financial crisis. If small business is left behind in our recovery efforts, then we will not be able to achieve our economic potential.

Last year I worked with Senator Jeff Merkley to introduce legislation that would allocate existing TARP funds to community banks on the condition that they restart the flow of lending to small businesses. I am glad to say that the Obama Administration has endorsed this idea and is working with us to enact it into law.

I have also introduced legislation that would establish the Working Capital Express program – a new lending initiative that would encourage banks to extend more credit to small businesses through the Small Business Administration's SBA Express program.  My bill would expand the Express program so that more small businesses can quickly get the credit they need to grow and create jobs.

In addition, I have introduced S.1754, the Home Office Deduction Simplification Act, which would establish a standard home office deduction option in order to provide immediate tax relief to the millions of home-based small business owners who are driving innovation and creating jobs.  This week on the Senate floor, I plan to offer a version of S.1754 as an amendment to H.R.5297, the Small Business Lending Fund Act.