Senator Talks about the Economy, Jobs and Health Care
CUMBERLAND -- U.S. Senator Benjamin L. Cardin (D-MD) today addressed the Allegany County Chamber of Commerce. As a member of the Budget and Small Business and Entrepreneurship committees, Senator Cardin discussed the challenges facing Maryland and our nation in recovering from the recession and the need to create more jobs.
Specifically, Senator Cardin discussed the recently enacted Small Business Jobs Act, including a provision he co-sponsored extending the higher loans limits on the Small Business Administration’s (SBA) loan program. The Senator recently announced that the SBA has approved $5.7 million in SBA-backed loans to 24 small businesses in Maryland. He also will discuss his efforts to change reporting requirements on small businesses contained the Affordable Care Act, along with the $40 billion in tax cuts to help 4 million small businesses provide health care to their workers contained in the new law.
“We have experienced the worst economic decline since the Great Depression,” said Senator Cardin. “It has been difficult but we are moving forward and the business community is the key to our recovery. Private-sector employment is rising and we’ve seen an increase of more than 860,000 new jobs since last December. We still have a long way to go to climb out of this downturn, but we can and we will.”
Senator Cardin also pointed out that the HIRE Act, passed in February 2010, highlights Congress’ commitment to improving the economic climate for businesses. The law provides a tax break for employers who hire an employee who has been out of work for at least 60 days, it enhances the write-off that small businesses can take for purchase of certain equipment and it expands the Build America Bonds program to allow state and local governments to finance more infrastructure projects and put people to work.