How Does the Economic Stimulus Plan Affect Small Biz?

Entrepreneur:

In an effort to rouse the slowing economy, Congress announced a deal that includes nearly $50 billion in business tax cuts. It would allow small businesses to write off a portion of certain purchases and invest in new equipment. In addition, the plan is set to give refunds of $600 to $1,200 to about 116 million families in the U.S. The rebates are expected to go out in June.

House Speaker Nancy Pelosi said that although she’s not entirely pleased with the package, she does believe it will help stimulate the economy. If not, “then there will be more to come,” she said.

Still, this is one of the timeliest and targeted packages that is showing ample compromise on both sides. Republican Leader John A. Boehner said, “Many Americans believe that Washington is broken. I hope that this agreement will show the American people that we can fix it and will serve to move along other bipartisan agreements that we can have in the future.” Majority Leader Harry Reid said they aim to have the package to President Bush for his signature by February 15.

Photo by MSDesigns.

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