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Small Businesses Lose as Bill Does Not Pass Senate

July 29, 2010 By: Staff

In a move that could affect independent travel agents, a $30 billion plan to help local banks increase lending to small business owners was blocked by Republicans in the Senate, Reuters reports. The bill includes nearly $12 billion in tax breaks for small businesses.

Republicans opposed the bill, saying Democrats shut them out from amending it. An earlier effort by Democrats to pass a similar jobs package was also blocked, as Republicans claimed budget cuts should help cover the extra spending.

Small business owners have had trouble receiving loans during the Great Recession, and it does not appear that help will be arriving anytime soon. The Senate adjourns in early August for a one-month break.


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