From the U.S. Treasury and Secretary Geithner: Unlocking Credit for Small Businesses Fact Sheet:
Today, as part of an effort Treasury Secretary Timothy Geithner first outlined in introducing the Financial Stability Plan (FSP) in February, we are taking immediate action to help ensure that credit – the lifeblood of America’s small businesses and its economy – gets flowing again to entrepreneurs and business owners. As another part of the Consumer and Business Lending Initiative, the Treasury Department will – by the end of the month – begin making direct purchases of securities backed by SBA loans to get the credit market moving again, and it will stand ready to purchase new securities to ensure that community banks and credit unions feel confident in extending new loans to local businesses. These purchases, combined with higher loan guarantees and reduced fees, will help provide lenders with the confidence that they need to extend credit, knowing they both have a backstop against their risk and a source of liquidity. These measures will complement other steps the Administration is taking to help small businesses recover and grow, including several tax cuts under the Recovery Act.
Unlocking Credit for Small Businesses
President Obama is exected to make remarks in a few moments about the small business support.
UPDATE (12:25 p.m.): An applause line in Secretary Geithner’s opening remarks:
And today, the IRS will announce that small businesses will now be able to carry back their operating losses five, instead of the usual two, years in order to increase your cash flow as we come out of this period, and thus allow you to invest more in your operations.
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