September 16, 2010

Washington, DC – Today, U.S. Rep. Ed Perlmutter (CO-07) released the following statement after the Senate passed the Small Business Jobs and Credit Act:

“I’m pleased the Senate finally passed a bill which will make it easier for small businesses to gain access to capital while providing tax relief.  Small businesses are the economic engines of our economy and fuel both short and long-term job growth.  During my Main Street tours and Government in the Grocery events I hear about the struggles of small business owners and employees.  They need help and they need access to credit.  This bill will help to achieve both those important goals.

Unfortunately, unlike the bill the House passed in June, the Senate version does not include my amortization amendment which would enable community banks to write down real estate losses over a six to ten year period, which would free up more capital for small businesses.  This would allow more credit to flow to Main Street so small businesses could expand, buy inventory or hire new employees.  This policy helped Colorado farmers in the 1980’s and it can help now.  I will continue to push Congress and the Administration to include this provision as it moves forward,” stated Perlmutter.

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