Small Business

Max Baucus: Doing what’s right for Montana’s Small Business

As chairman of the powerful Senate Finance Committee, Montana’s senior U.S. Senator, Max Baucus was a key author of the Jobs Bill- working to ensure the economic recovery legislation was right for Montana. The Jobs Bill will bring more than $600 million dollars to Montana and create or sustain more than 11,000 jobs.

The jobs bill funds a variety of programs and tax cuts with the mission of helping small businesses get access to credit and take advantage of new opportunities in these tough economic times.

The Jobs Bill Provisions to help Small Business:

  • A 5-Year Carryback of Net Operating Losses for businesses with less than $15 million in revenue.
  • $150 million to support $3.01 billion in rural business loans and grants through the USDA rural business program.
  • $2.5 billion for Broadband - USDA distance learning, telemedicine and broadband program.
  • $150 million for Economic Development Assistance programs at Economic Development Administration.
  • $100 million for Community Development Financial Institutions.
  • Incentives to hire unemployed veterans and disconnected youth.
  • Delayed Recognition of certain cancellation of debt income.
  • Extension of bonus depreciation.
  • Extension of enhanced small business expensing.

 

The Jobs Bill Small Business Administration Changes:

  • Fee waivers and reductions for the 7(a) and 504 loan programs.
  • Up to 90% small business loan guarantees.
  • Access to credit through investor loan guarantees to improve the secondary market for SBA guaranteed debt.
  • Re-financing for certain community development loans.
  • Business stabilization and Micro loans of up to $35,000.
  • Increased access to construction period surety bonds.

 

The bill also includes funding for research, and bonding for construction and economic development projects.  Montana small businesses are well positioned to take advantage of energy and infrastructure construction funding.

There are several resources available for organizations interested in receiving some of this vital funding. The websites recovery.gov and recovery.mt.gov are excellent places to start.  Baucus staff can also offer support including help contacting the appropriate agency or department and providing support during the funding process.