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Small Business Jobs Act Will Support Struggling Firms
October 25, 2010

The American Institute of Architects (AIA) praised the recent passage of the Small Business Jobs Act and the relief it will provide architecture firms.

The Act, signed into law by President Obama on Sept. 27th, extends the SBA Recovery loans and offers additional lending support and tax breaks for small business owners.

The law extends SBA Recovery Loans through Dec. 31st, 2010, with the capacity to support $14 billion in loans to small businesses.

The bill increases the maximum loan size for SBA loan programs, from $2 million to $5 million for 7 (a) loans and from $4 million to $5.5 million for 504 manufacturing related loans. It also temporarily increases the maximum loan size for SBA Express loans from $350,000 to $1 million, providing access to working capital loans that small businesses use to purchase new inventory.

The bill establishes a new $30 billion Small Business Lending Fund, which will provide capital to small banks with incentives to increase small business lending.

The bill also includes eight new small business tax cuts.

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