Congresswoman Hahn Praises President Obama’s Action For Small Businesses

Rep. Hahn, “Small business plays a pivotal role in our economy”

Washington, D.C – Congresswoman Janice Hahn this morning praised President Obama’s announcement that the administration would be taking immediate action to streamline programs for small business and increase access to capital for small businesses.

“The President and I understand the pivotal role small businesses play in our economy and how important they are to our economic recovery,” said Rep. Hahn. “The common sense steps the President announced this morning will increase the amount of capital available to small business as well as make those funds easier to access. This is the same reason I have introduced legislation that would reduce the amount of paperwork small businesses are required to fill out for loans up to $250,000 and legislation to create small business incubators at our ports.”

This month Rep. Hahn will convene a small business roundtable with the Small Business Administration to help local small businesses learn more about the President’s initiatives.

This year Congresswoman Hahn has introduced H.R. 3836, the SBA Loan Paperwork Reduction Act of 2012, which would make permanent a program within the Small Business Administration (SBA) to reduce to two pages the application required for borrowers and streamline the application response time for business loans up to $250,000.

She has also introduced H.R. 5813, the Ports as Small Business Incubators Act H.R, which would direct the SBA to award competitive grants between $300,000 to $500,000 to Port Authorities for small business incubator programs. United States ports are primary drivers of our economy supporting 13.3 million American jobs and generating $3.15 trillion in economic activity.

The President announced six measures this morning, five of which are immediate executive actions that will accelerate Federal payments, reduce paperwork, and make it easier for small firms to access loans and tax credits, and one is a legislative proposal to raise the amount of investment small businesses can expense next year. The details of this morning’s announcement can be found online here.

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