CHILLICOTHE, Ohio -- Barack Obama today proposed a plan of tax cuts and loans for small businesses hurt by the current credit crisis, a temporary program he said is needed to help Main Street and complement what has already been done for Wall Street.
He said the $5 billion Small Business Rescue Plan would be similar to one implemented after the terrorist attacks of Sept. 11, 2001, and would be run through the Small Business Administration.
He told a courthouse crowd that the program would be a way of "extending our hand to the shops and restaurants, the start-ups and small firms that create jobs and make our economy grow. Main Street needs relief and you need it now."
He said the plan would make it easier for private lenders to make small business loans by expanding the SBA's loan guarantee program and eliminating fees for borrowers and lenders.
Obama has previously called for eliminating capital gains taxes on investments in small businesses and start-ups and today proposed an additional temporary business tax incentive through next year to encourage new investments.
"Because it's time to protect the jobs we have and to create the jobs of tomorrow by unlocking the drive, and ingenuity, and innovation of the American people," Obama said.
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