WASHINGTON — The $825 billion spending and tax cut package recently passed in the House of Representatives includes an additional $880 million of federal help for small business. President Barack Obama has called for quick action on legislation that would provide upward of $800 million over two years.
The plan would provide $430 million for new direct lending and loan guarantees for small businesses. Another $100 million is tagged for grants and loans to rural business cooperatives. The plan calls for an additional $100 million for industrial technology services, chiefly to accelerate research into technologies with high job-growth potential.
Urban and rural areas would receive $250 million of federal economic development assistance based on need and the ability to create jobs and attract private investment.