Mike Castle Introduces Bill to Bolster Small Business

Wilmington, DE-- Senior House Financial Services Committee member, Representative Mike Castle (DE) introduced the Small Business Assistance and Relief Act in June. This bill seeks to extend tax break, reduces regulatory burdens, and increase loans to help small businesses, which make up over 93% of Delaware’s employers. Small businesses employ about half of all private sector employees in Delaware. 
 
Mike said, "Small businesses are the backbone of the economy, making this bill one of Congress’ top priorities to encourage entrepreneurship and to remove some burdens on these businesses.  The bill highlights specific needs that I heard directly from Delaware small business owners across the state."
 
The Small Business Assistance Act would extend tax relief until 2012, including the 5 year Net Operating Loss Carryover and the 15 year recovery period for leasehold improvement, property and bonus depreciation.

• Extends Expensing Limits providing an incentive to invest in the business and increases the start-up deduction to $20,000.
• Reduces federal regulatory requirements for annual paperwork, applications or petitions for small businesses.
• Increases loan size in the 7(a) program by creating a direct lending Capital Backstop, enhances microloan program for small businesses.