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The House approved the "Small Business Jobs Act" and the legislation is set to go to the president for his signature on Monday. The bill will make $30 billion available to banks for small business loans and $12 billion in tax cuts, according to reports.
The National Small Business Association lauded passage of the bill. CompTIA, a nonprofit group representing the information technology industry, said the bill's loan program will be a critical building block for small IT companies. However, CompTIA President and CEO Todd Thibodeaux said the organization was disappointed by the failure of amendments to the bill that would repeal "onerous" 1099 reporting requirements included in the healthcare reform legislation.
However, The Associated Press reports some businesses do not want it. For this story, click here. The Phoenix Business Journal reported that some small businesses say the bill won't make a difference. For this story, click here.