BBB Explains Stimulus Package Benefits for Small-Business Owners
RALEIGH, N.C. (March 13, 2009) — With President Obama signing into law the American Recovery and Reinvestment Act on February 17, many small-business owners are eagerly anticipating the benefits of the $787 billion economic stimulus plan. Better Business Bureau of Eastern North Carolina (www.bbb.org) is offering a summary of several small-business benefits.
"The stimulus package is addressing the troubled economy from many angles," says Beverly Baskin, president and CEO of the Better Business Bureau of Eastern North Carolina. "In addition to assisting large businesses, there are benefits for the small-business owner as well."
Following are examples of how the American Recovery and Reinvestment Act will benefit small businesses nationwide:
The U.S. Small Business Administration will receive $730 million from the stimulus package–more than doubling their operating budget from 2008–to help assist businesses with financing.
According to a press release from the SBA, funds will be divided among many programs including:
• $375 million for temporary fee reductions or eliminations on SBA loans, and for increased SBA guaranteed shares, up to 90 percent for some loans
• $255 million for a new loan program to help small businesses meet existing debt payments
• $30 million to expand SBA's Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
For complete details on how the U.S. Small Business Administration will use the new funding from the stimulus package and how small businesses can benefit, go to www.sba.gov.
Small-Business Tax Breaks
• Qualified Property Expense Increased. The ceiling on the Section 179 tax break–allowing companies to expense qualified assets in the first year of service–has been increased from $133,000 to $250,000.
• Bonus Depreciation Extended. Originally instituted in 2008, businesses will again be able to take an additional bonus depreciation expense of up to 50 percent of the cost of newly acquired fixed assets.
• Loss Carry Back Expanded. Only available to companies with sales less than $15 million, a business which incurs operating losses in tax years ending after December 31, 2007, can offset such losses against income earned in previous years and obtain a refund on previously paid taxes. Losses can now be carried back for five years instead of two.
• Vehicle Depreciation Expense Increased. The depreciation expense for passenger vehicles in their first year of service–limited only to those placed into service in 2009–was increased from $2,960 to $10,960. The depreciation expense for light trucks and vans increased from $3,160 to $11,160.
Industry and State-Specific Benefits
The stimulus package will provide state and local governments with billions of dollars to fund assistance programs and infrastructure projects, such as road construction or mass transit development. More details on how state-specific funding will be dispersed and which projects will benefit will be announced soon.
Green businesses will also see a benefit, including $20 billion set aside for companies that produce solar panels and wind turbines, $6 billion in loan guarantees for renewable energy projects, and a 30 percent tax break for investments in wind and solar energy.
Additional information on the stimulus package can be found at www.recovery.gov.
# # #
About BBB of Eastern North Carolina:
The Better Business Bureau of Eastern North Carolina is a 501 (c)(6) not-for-profit corporation serving 33 counties in eastern North Carolina. The organization is funded primarily by BBB Accredited Business fees from more than 3,200 local business and professional firms. The BBB promotes integrity, consumer confidence and business ethics through business self-regulation in the local marketplace. Services provided by the BBB include, reports on companies and charitable organizations, general monitoring of advertising in the marketplace, dispute resolution services, and consumer/business education programs. All services are provided at no cost to the public, with the occasional exception of mediation and arbitration. Visit www.bbb.org.
BBB of Eastern North Carolina
5540 Munford Rd., Ste. 130
Raleigh, NC 27612-2655
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