Earlier this week, President Obama announced a number of measures targeted to helping small businesses weather the economic crisis. The aid package taps into American Recovery and Reinvestment Act (ARRA) monies to provide a number of tax benefits and write-offs, including the option of writing off up to $250,000 worth of qualified investment in 2009. Small businesses that carried a net operating loss for 2008 will also be able to carry that loss back for five years (vs. the previous two-year timeframe).
Additional provisions are aimed at increasing the availability of credit to small businesses while eliminating or rebating some of the fees that can be associated with loans.
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