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Understanding the Small Business Jobs Act 2010: A Comprehensive Overview
Definition & Meaning
The Small Business Jobs Act of 2010 is a federal law signed by President Obama on September 27, 2010. This legislation aims to support small businesses by enhancing access to loans, creating programs for federal contracting, and promoting export activities. The Act is primarily administered by the Small Business Administration (SBA) and includes various tax incentives for business owners, self-employed individuals, retirement investors, and landlords.
Table of content
Legal Use & context
The Small Business Jobs Act is relevant in the context of small business law and finance. It is used by small business owners seeking funding and support through government programs. Legal practitioners may reference this Act when advising clients on financing options, tax benefits, and compliance with federal contracting procedures. Users can leverage resources, such as legal form templates from US Legal Forms, to navigate the requirements of this Act effectively.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A small manufacturing company applies for a loan through the $30 billion lending facility established by the Act, allowing them to purchase new machinery and expand their operations.
Example 2: A tech startup takes advantage of the bonus depreciation provision to deduct fifty percent of the cost of new software in the year of purchase, significantly reducing their taxable income. (hypothetical example)
Relevant laws & statutes
The Small Business Jobs Act of 2010 is the primary statute relevant to this term. It outlines the provisions for lending, tax breaks, and support for small businesses. No additional specific laws apply directly to this Act.
Comparison with related terms
Term
Definition
Difference
Small Business Administration (SBA)
A federal agency that provides support to small businesses.
The SBA administers programs established by the Small Business Jobs Act.
Small Business Investment Company (SBIC)
A program that provides funding to small businesses through private investment.
SBICs are a funding source, while the Act focuses on lending and tax incentives.
Common misunderstandings
What to do if this term applies to you
If you are a small business owner looking to benefit from the Small Business Jobs Act, consider the following steps:
Research the lending options available through the SBA and local banks.
Consult with a tax professional to understand the specific tax breaks you may qualify for.
Explore US Legal Forms for templates related to federal contracting and business financing.
If you encounter complexities, seek advice from a legal professional to ensure compliance with all regulations.
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