Obama calls on GOP to pass Small Business Jobs Bill

[Jimmy Buffett]

So far everything this guy has done has been to reward his political cronies and punish those that are not on board with his radical agenda. Obama is so untrustworthy that many thinking people assume that if he is for it then they should be against it. I confess that I'm like that myself.

 

[Red Baron]

So far everything this guy has done has been to reward his political cronies and punish those that are not on board with his radical agenda. Obama is so untrustworthy that many thinking people assume that if he is for it then they should be against it. I confess that I'm like that myself.

Ditto.

I had a change of heart after Obama got elected. Before then I did like a good boy should and just chalked up support for him as free speach and a difference of opinion. Now that many of his supporters are sorry they voted for him and admit they did so only to be a part of history, I realize that many of them cannot be trusted, and aren't due common respect and/or restraint. They mortgaged my son's future and set race-relations back 50 years by defying MLK's admonition to not look at a man's skin color.

When you make big mistakes, expect to be reminded of it for a long time.

 

[Alan Bussey]

The Jobs Bill is not about President Obama. The Jobs Bill originated in the House, which the House passed a couple of months ago. The Senate has been debating the bill. Senate Minority Leader Mitch McConnell said yesterday that he thinks the bill may pass. There will be direct benefits to individual car wash businesses, to car wash business owners, and to the car wash industry overall if the Jobs Bill is passed by the Senate and is enacted into law.

Alan Bussey

 

[Red Baron]

The Jobs Bill is not about President Obama. The Jobs Bill originated in the House, which the House passed a couple of months ago. The Senate has been debating the bill. Senate Minority Leader Mitch McConnell said yesterday that he thinks the bill may pass. There will be direct benefits to individual car wash businesses, to car wash business owners, and to the car wash industry overall if the Jobs Bill is passed by the Senate and is enacted into law.
Alan Bussey

The House passed $787b in stimulus, passed Obamacare by skirting the usual rules, is fixing to sponsor the largest tax hike in history in 120 days ( http://www.atr.org/days-thebr-largest-tax-hikes-history-a5370 ), and is using our money to buy union and ACORN votes. It's gonna be a hard sell to separate the House from Obama's destructive agenda.

Business owners are scared to death and hoarding cash. I don't see that ending unless the Rs take back the House and the Senate Nov 2. I can't imagine very many will take seriuosly the gimmicks the House/Obama rolls out in the meantime.

 

[mac]

It was the house that introduced all the bills that most Americans are furrious about. The house speaker decides which ones come up for a vote. Do you trust Nancy Pelosi, who introduced a 700 page ammendment to the 2,000 page health care vote on the night before the friggin vote, to give us something we can accept? Sorry, but I for one would like to see the government shut down for a couple of months rather than pass something that they think is good for us.

 

[Tom Thumb]

Just pass it and then we will read it, what a way to do the peoples business.
In my 65 years I have never seen a gov't being ran the way this one is.

What a frigging mess we have on our hands.

 

[Jimmy Buffett]

This November election is the most important of those 65 years. We can't fix the presidency this time but we can fix congress. Hell I might even make the first political contribution of my life to get rid of my democrat congressman.

 

[Alan Bussey]

Guys, this provision of the Small Business Jobs Bill is interesting:

"Under current law, business owners are not permitted to deduct the cost of health insurance for themselves and their family members for purposes of calculating self-employment tax. This provision would allow business owners to deduct the cost of health insurance incurred in 2010 for themselves and their family members in the calculation of their 2010 self-employment tax."

That's a tax deduction that many car wash owners and many other small business owners can take.

Alan Bussey

http://carwashloans.com/Summary_of_the_Small_Business_Jobs_Act.html

 

[Greg Pack]

Just pass it and then we will read it, what a way to do the peoples business.
In my 65 years I have never seen a gov't being ran the way this one is.

What a frigging mess we have on our hands.

Actually, I think it's been run that way a while. We have just ignored it until now. Republicans have proven when they have the reins they aren't much better. It just happens to be more agreeable with our principles. Both parties are beholden to the banking industry and will drain this country dry given enough time. One will just do it much quicker than the other.

 

[Jimmy Buffett]

Things are changing for bankers. Times are getting tougher and it is actually hard for them to make money. It's interesting to watch them have to think to make it these days. Some of them are capable of thinking but many of them are not.
I agree about the politicians. Going into the voting booth is like deciding which end of the turd is the clean end. That said I intend to vote against every democrat that I can in November.

 

[rph9168]

No doubt that the term honest politician is truly an oxymoron. Both parties are full of lawyers that owe their existence to special interests that contribute heavily to their campaigns.

The one thing that really upsets me is how they never accept accountability for their failures then blame the other guy for their mess. The Dems continue to say Bush is the problem for our financial crisis when his Administration clearly tried to rein in Fannie Mae and Freddie Mac as early as 2001 but were stonewalled on every attempt by the Dems. There are even video clips where Barney Frank and his colleagues state how wonderful those programs were and that they were financially sound. Now they are spending us into oblivion and digging us a deeper hole and want us to believe that programs like their health care bill will not cost more money when in fact it will increase premiums and increase taxes or a stimulus package that did nothing to stimulate the economy. Now they are saying that even though the unemployment numbers remain high and actually increased again last month that they are creating more jobs. They continue to say how the economy is recovering when all signs point to the opposite.

Here in Georgia we have a former Governor running for the office again. He did such an awful job that he failed reelection. Now he is running again claiming how wonderful his only term in office was.

Are people really as dumb as politicians think they are?

 

[pitzerwm]

I'm afraid that they are.

 

[Alan Bussey]

Another provision of The Small Business Jobs Bill extends through December 31, 2010 the part of the 2009 Recovery Act that eliminates the fees normally charged for loans through the SBA 7(a) and 504 loan programs.

For a car wash owner needing a $750,000 long-term loan to build a new car wash, buy an existing car wash, or refinance one, the SBA 7(a) loan Guarantee Fee is entirely waived, a true $19,700 savings for that size loan.

This same SBA Guarantee Fee waiver was originally passed by Congress and enacted into law in February 2009. Along with other provisions the fee waiver was extended by Congress and enacted again three times, ultimately through the end of May 2010. Since the end of May SBA loan volume has dropped to less than one-third of the volume prior to the February 2009 to May 2010 period, and to less than one-third of the volume prior to the recession.

All of us know that most jobs are created by small businesses. It is important that we have in place at least temporary programs to encourage the recovery and growth of small businesses so that they (you) can create jobs to get people back to work.

The purpose of the present Small Business Jobs Bill (H.R. 5297) is to encourage the growth and prosperity of small businesses, including car wash businesses. That growth and prosperity of small businesses will directly or indirectly create jobs. More jobs - getting people back to work - will foster a brighter economic future for this nation. It seems that all of us should be in support of the Small Business Jobs Bill.

Alan Bussey

 

[Red Baron]

Another provision of The Small Business Jobs Bill extends through December 31, 2010 the part of the 2009 Recovery Act that eliminates the fees normally charged for loans through the SBA 7(a) and 504 loan programs.

For a car wash owner needing a $750,000 long-term loan to build a new car wash, buy an existing car wash, or refinance one, the SBA 7(a) loan Guarantee Fee is entirely waived, a true $19,700 savings for that size loan.

This same SBA Guarantee Fee waiver was originally passed by Congress and enacted into law in February 2009. Along with other provisions the fee waiver was extended by Congress and enacted again three times, ultimately through the end of May 2010. Since the end of May SBA loan volume has dropped to less than one-third of the volume prior to the February 2009 to May 2010 period, and to less than one-third of the volume prior to the recession.

All of us know that most jobs are created by small businesses. It is important that we have in place at least temporary programs to encourage the recovery and growth of small businesses so that they (you) can create jobs to get people back to work.

The purpose of the present Small Business Jobs Bill (H.R. 5297) is to encourage the growth and prosperity of small businesses, including car wash businesses. That growth and prosperity of small businesses will directly or indirectly create jobs. More jobs - getting people back to work - will foster a brighter economic future for this nation. It seems that all of us should be in support of the Small Business Jobs Bill.

Alan Bussey

Alan, you seem in tent on redirecting your thread to where it began, when it's obvious that members would rather talk about politics.

Two words are the first and most important step toward straightening this country out:

1. Term
2. Limits

 

[Greg Pack]

Are people really as dumb as politicians think they are?

Yes, they are.


BTW, Alan, thank you for keeping us abreast of legislaion that may benefit some of us. I however, will not be investing serious capital or try starting another business until some political and financial stability come about. I'm afraid that may not happen in the next few years.

Even if the politics in Washigton shifts direction, the math of our collective debt probably won't be altered. The time to pay the bill is rapidly approaching. What ever party is in office will have to either default on the debt, inflate our way out of it, or place such a heavy burden of taxes on us that it will be depressionary. None of these scenarios is good for the economy and our standard of living. I'm paying debt down as fast as I can. There is one alternative: A major global conflict will stimulate the U.S. economy (if they don't start manufacturing our battle tanks in China first).

OK, that's enough of my rant. :0

 

[Alan Bussey]

Guys -

This is an important provision: Under the Small Business Jobs Bill the SBA guarantee will be temporarily increased from 75% to 90%. With a 90% guarantee banks are far more likely to make you a loan to build a new car wash, to buy a car wash, to refinance one, or to buy equipment, than with a 75% guarantee. There are a variety of good reasons for this.

The American Recovery and Reinvestment Act (the 'Stimulus Act', or the 'Recovery Act') was enacted on February 17, 2009. One of the provisions in the Recovery Act increased the SBA guarantee on the most popular loan type, the 7(a) loan, from 75% to 90%. This 90% guarantee was set to expire on December 31, 2009. Due to its popularity, funding for the 90% guarantee ran out in late November 2009. Congress extended the 90% guarantee through the end of February 2010, but funding again ran out on February 22nd. Congress again extended the 90% guarantee through March 28th, with funds running out on March 26th. Congress again extended the 90% guarantee (along with the guarantee fee waivers) though April 30th, and the most recent extension was to expire on May 31st, but funding was exhausted by May 26th.

It has been widely reported that SBA-backed loan volume collapsed in June by more than 75% compared to the periods since February 2009 when the 90% guarantee was in place, and by more than two-thirds compared to prior to the recession when only the normal 75% guarantee was in place. The 75% guarantee has been in effect since May 27th.

The Small Business Jobs Bill again temporarily increases the SBA guarantee from 75% to 90% through December 31st. There is some talk that since this bill has been in negotiation since May that the 90% guarantee might be extended through the end of the fiscal year, September 30, 2011.

It is important that the Small Business Jobs Bill be passed and signed into law to help create jobs nationwide and to help improve borrowing conditions in the car wash industry.

Alan Bussey

 

[Reds]

All the easy money and cheap money in the world won't help anything if there is not a need or desire for anyone to "use" it. Comrade Obama is barking at the moon. I can only imagine what kind of crap is hidden inside the bill, or will be attached to it as amendments. Especially once it gets to a House/Senate reconciliation committee. Just what we all want - more debt.

 

[Red Baron]

All the easy money and cheap money in the world won't help anything if there is not a need or desire for anyone to "use" it. Comrade Obama is barking at the moon. I can only imagine what kind of crap is hidden inside the bill, or will be attached to it as amendments. Especially once it gets to a House/Senate reconciliation committee. Just what we all want - more debt.

'Zactly! Much of the business world is flying a holding pattern until Nov 2, if not 2012.

People who're in a position to boost the economy by building/expanding, are generally also smart enough to hold off on doing it. Obama is widely distrusted.

 

[rph9168]

Another issue is all the garbage programs they attach to a bill like this before it is passed. Take a look at the Health Care bill. It has more pork than the state of Iowa.

 

[Alan Bussey]

Red -

This bill is about creating jobs to get people back to work so that they will be able to use car washes more frequently. The bill was originated in the House of Representatives by a local Representative, not by Barack Obama.

RPH -

The Small Business Jobs Bill has zero pork. You can read a summary of it here:

http://carwashloans.com/Summary_of_the_Small_Business_Jobs_Act.html

RPH, at the bottom of the page is a link to the Senate web site where you can read the entire bill for yourself. It is not a lengthy bill and it won't take you long to read it.

The Office of Management and Budget, and the Congressional Budget Office have both said that this bill is 'deficit neutral'. That's good.

There is every reason for car washers to support the Small Business Jobs Bill (H.R. 5297). It's about creating jobs and improving the national economy. And, it's about improving the profitability of car wash businesses.

Alan Bussey

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