Small Business Credit Bill

USA Today had a recent article on the recently passed Small Business Jobs and Credit Act. Whether or not you agree with the the current Congress and Administration policies, the passage of this bill could result in some real savings to many small businesses. The article presents the following key provisions of the bill:

1. Sole proprietors can write off health insurance premiums as business expenses in 2010.
2. $30 billion fund for community banks to increase lending to small companies.
3. No fees on SBA loans and increasing SBA guarantee to 90% (from 75%).
   
4. Substantial increases in SBA loan amounts.
   
5. Zero capital gains taxes on investment in small businesses
   
6. Doubling the write-off of start-up expenses from $5,000 to $10,000 in 2010.
   
7. Increase the write-off of certain investments from $250,000 to $500,000 in 2010 and 2011 and allow "expensing" of some real estate improvements.

Read the whole article for more details if any of these provisions look like they might be applicable for your small business. Two important pieces of advice the article makes are make sure to check with your accountant and don't procrastinate, some of the provisions are only in effect for a limited time.