I recently wrote about Why You Should Start Your Own Business Now, and fellow business attorney Joseph Dang has written an article in the San Diego Business Examiner about starting a business during a recession. If that isn’t enough for you, President Obama has promised to thaw the credit markets to help small businesses, including increasing the capital expenditures write off to $250,000, cuts in capital gains for stocks, and provisions for affordable health insurance. The IRS will also allow you to carry back losses to five years, instead of two.
SBA Loans
For those of you interested in Small Business Administration Loans, the government will temporarily guarantee up to 90% of the loans as an incentive to banks under the 7(a) loan program as well as temporarily eliminating the upfront fees. Changes under the 504 loan progam, used for up to $4 million in loans for long-term development, will also have the fees temporarily eliminated for lenders and borrowers.
More details as events unfold . . . .
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Information on this site is for informational and educational purposes only; it does not constitute legal advice nor does it create an attorney-client relationship. Should you need assistance, please contact an attorney to help you with your specific set of facts.
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