Obama Acts to Aid Small Businesses
 

The Obama administration, convinced that small businesses will play a crucial role in the nation's economic recovery, recently announced a plan aimed at making financing available to such firms.

The plan involves boosting loan guarantees for small businesses to 90 percent, waiving fees for loans from the Small Business Administration, forcing banks that receive federal funds to detail their small business lending on a monthly basis, and buying $15 billion in securities backed by small business loans.

Also, the IRS says small businesses could obtain tax refunds from prior years by using a new net operating loss tax provision, provided their deductions surpass their income for 2008.

Source: New York Times, Helene Cooper (03/17/09)