| ||||||||||||||||||||
| ||||||||||||||||||||||||||||
| ||||||||||
| ||||||||||
| Hellenic News of America | |
| 26 West Chester Pike Havertown, PA 19083 | |
| tel: 610-446-1463 fax: 610-446-3189 | |
| Contact us |
Velas Tours
an incoming tour operator based in Greece with 34 years experience in both, tours and holidays
velastours.com
an incoming tour operator based in Greece with 34 years experience in both, tours and holidays
velastours.com
Joe Sestak Votes for Small Business Job Creation Introduces JOBS Act to Create New Employment OpportunitiesJoe Sestak Votes for Small Business Job Creation Introduces JOBS Act to Create New Employment Opportunities MEDIA, PA - With unemployment rising above ten percent, Democratic U.S. Senate candidate and House Small Business Committee Vice Chair, Congressman Joe Sestak, voted today for three bills to support small businesses-- which create 70 percent of jobs in this country. The legislation provides small businesses with enhanced access to capital and provides full year funding authorizations for Women's Business Development Centers and Small Business Development Centers. The Congressman's votes follow his introduction yesterday of the "JOBS Act" (Jobs Opportunity and Business Stability Act of 2009), which rewards with tax credits small businesses that invest in new jobs and extend working hours to continue our economic recovery efforts. Without sustained and aggressive efforts, unemployment will remain high until 2012-- rising above 12 percent. To reduce unemployment and return to the normal range of 4 to 5 percent, between 9 and 10 million new jobs will need to be created over the next two years. Effective economic policies during the Clinton Administration created 23 million new jobs over 8 years, while the Bush Administration's policies resulted in the creation of only 3 million new jobs. "Our greatest periods of economic growth have come when we invest in America's small businesses, which create most of our jobs, and when we reward hard work. Supporting small businesses and rewarding investments in American workers is an essential component of our nation's economic recovery efforts." said Joe. The legislation that the Congressman voted for today expands microlending for small businesses, increases resources for the Women's Business Center Program and provides for greater low-interest disaster loan limits. Combined with the JOBS Act he introduced, these efforts will create new jobs for Pennsylvania and across the nation by going right to the source of our economic growth - innovative businesses that create work. --- Below, please find a summary of the legislation which Congressman Sestak voted for today and a summary of the Congressman's JOBS Act. Small Business Microlending Expansion Act (HR 3737) * Authorizes $80 million in technical assistance grants and $110 million in direct loans in each of fiscal years 2010 and 2011; * Increases loan requirement levels for intermediary lenders to continue lending under the program. Under current law, loans cannot be made if the total amount outstanding and committed to one lender is greater than $750,000 in the first year of participation in the program, and $3.5 million in the ensuing years. The bill passed today increases these amounts to $1 million and $7 million respectively. Modify Women's Business Center Program (HR 1838) * Authorizes $20 million in FY 2010 and $22 million in FY 2011 for women's business centers. The bill requires that 40% of the funds be provided to new centers. * To be eligible for a grant in its first two years, a center must match $1 dollar in non-federal funds for every $2 dollars received in Small Business Administration grants. Small Business Disaster Readiness & Reform Act (HR 3743) * Authorizes necessary funding levels for the Small Business Administration to administer low-interest disaster loans to homeowners, renters, businesses, and nonpolitical organizations. The bill increases disaster loan limits to $3 million, from $1.5 million, and increases the aggregate loan amount that can be committed to any borrower to $3 million, from $2 million. Congressman Sestak's "JOBS Act" (Jobs Opportunity and Business Stability Act of 2009): * Amends the Internal Revenue Code to provide a 15% refundable tax credit in FY2010 and a 10% refundable tax credit in 2011 to small businesses with less than $5 million in gross receipts for net increases adding jobs, adding hours, and raising wages. * The net increase is calculated based on the amount of Social Security Tax paid in the equivalent quarter of the previous year. * The tax credit is to be paid to recipients on a quarterly basis. Tentative quarterly amounts paid and actual amounts for each year will be reconciled based on the firm's annual tax return. * The Director of the Internal Revenue Service will modify IRS Form 941 to provide for easy calculation of the amount of the credit. * The Secretary of the Treasury will undertake a public information campaign to ensure dissemination of availability of the tax credit to all relevant parties. * The Economic Policy Institute has concluded that these investments will help boost our gross domestic product, resulting in increased revenues to put toward paying down the federal budget deficit. Joe Sestak was elected to Congress in 2006 after a distinguished 31-year career in the United States Navy, and he is honored to represent the Southeastern Pennsylvania district where he was born and raised. He is a Democratic candidate for the U.S. Senate seat from Pennsylvania. During his Navy career, Joe attained the rank of 3-star Admiral, served in the White House as Director for Defense Policy on President Clinton's National Security Council, served in the Pentagon as Deputy Chief of Naval Operations, and led a series of operational commands at sea, culminating in command of the USS George Washington Aircraft Carrier Battle Group (30 ships, 100 aircraft, and 15,000 sailors/marines/ aviators/SEALs) during combat operations in Afghanistan and Iraq. In our nation's time of crisis in the immediate aftermath of 9/11, the Navy turned to Joe Sestak to serve as the first Director of "Deep Blue," the Navy anti-terrorism unit formed in response to the attacks. Joe is the highest-ranking former military officer ever elected to either branch of Congress. He graduated second in his class from the U.S. Naval Academy and holds a Master's in Public Administration and a PhD in Political Economy and Government from Harvard University. Joe lives in Delaware County, Pennsylvania, with his wife, Susan, and daughter, Alex, and proudly represents the 7th District, where his parents and six of his siblings still reside.
|
Print Article© 2010 Hellenic News of America, Inc. - All Rights Reserved