{"id":1926,"date":"2013-04-12T15:16:15","date_gmt":"2013-04-12T22:16:15","guid":{"rendered":"http:\/\/www.nationalfunding.com\/?p=1926"},"modified":"2022-03-04T15:59:38","modified_gmt":"2022-03-04T23:59:38","slug":"new-small-business-tax-credit-proposed","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/new-small-business-tax-credit-proposed\/","title":{"rendered":"New Tax Credit Proposed for Small Businesses"},"content":{"rendered":"

Many small business owners seek\u00a0funding through a small business loan<\/a> so they may build their company and hire employees. Now, small business owners who hired workers or gave a raise to their team last year may benefit from a new tax break, if recent\u00a0budget proposals from the Obama administration are passed. The\u00a0president recently proposed to offer tax relief to small businesses as part of his\u00a0$3.8 trillion budget plan, according to the\u00a0Associated Press<\/a>.<\/p>\n

The tax credit would be available to businesses that paid less than $20 million in wages\u00a0last year, and participants would get a one-time 10 percent\u00a0credit\u00a0on the sum the owner paid to new employees or gave in raises to current workers. An organization\u00a0that grew its payroll by $2\u00a0million, for instance, would see a $200,000 income tax credit. The tax credit would have a limit of $5 million.<\/p>\n

The goal of this incentive is to encourage hiring and improve staff members’ pay to boost the economy. Government officials also expect the proposal to streamline the application process for Small Business Administration (SBA) loans as well as strive to bolster the number of lenders that work with the SBA. The president’s budget would allocate $810 million in funds to\u00a0the\u00a0SBA, a 12 percent decline from the $109 million of last year’s budget, according to ABC News.<\/p>\n

The budget plan also underscored several other components that would affect small businesses.\u00a0For example,\u00a0SBA 7(a) loan\u00a0fees\u00a0will be waived for loans under $150,000, and small business owners will once again be allowed to refinance 504 loans – financing typically used to acquire or expand property.<\/p>\n

Analysts are uncertain whether this proposal will be able to win over Republicans in Congress, the New York Times<\/a> reported.<\/p>\n

Spokesman for the National Federation of Independent Business,\u00a0Kevan Chapman,\u00a0said in an e-mail that the tax credit may not be “a big help to small businesses that are struggling or treading water.”<\/p>\n

Small business owners who need a small business loan or merchant cash advance to help with hiring employees or raising current workers’ pay should contact National Funding<\/a>, a leader in the industry, about securing the appropriate financing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Obama administration recently proposed a tax break for small business owners who hired or gave raises to employees last year. <\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[20,64,14,30],"class_list":["post-1926","post","type-post","status-publish","format-standard","hentry","category-taxes-regulations","tag-cash-advance","tag-credit-score","tag-small-business-loans","tag-taxes"],"yoast_head":"\nNew Tax Credit Proposed for Small Businesses<\/title>\n<meta name=\"description\" content=\"Small businesses may benefit from a proposed tax credit if they hired or gave raises to employees last year, if the Obama administration has their way.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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