Last week, Congress approved a nearly $800 billion stimulus package, formally known as the American Recovery and Reinvestment Act. As Promotional Products International reports, many aspects of the bill relate to small businesses.
The following provisions in the 1,071-page bill could affect your business:
- The bill designates $615 million for guaranteed loans to small businesses and $24 million for critical technical assistance for microloan borrowers.
- The bill extends the carryback period for net operating losses (NOLs) on business taxes, even in profitable years, from two to five years for NOLs in 2008 and 2009. But, the compromise bill may only allow this extended carryback period for companies with $15 million in gross revenues.
- The bill extends the 2008 stimulus bill provision that allowed for an additional 50 percent depreciation of the cost of new equipment bought and used in 2008.
- The bill expands the Work Opportunity Tax Credit to businesses that employ homeless veterans and disadvantaged youth.
Source:
Promotional Products Business: Stimulus Package Includes $615 Million For Small Businesses
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