McNerney introduces bill to help small businesses put unemployed people back to work

McNerney headerWashington, D.C. – On Wednesday, October 30, Congressman Jerry McNerney (D-Stockton) introduced the Small Business Relief and Job Creation Act.  The Small Business Relief and Job Creation Act provides tax credits for small businesses to hire people who were previously unemployed.  The bill also includes additional tax credits for small businesses located in high unemployment areas. 

It is vital that we attract and retain small business owners in our community.  Small businesses are a leading job creator and provide stability to our local economy.  My bill will help these businesses to thrive and grow, especially in areas like the San Joaquin Valley that continue to be the hardest hit by the current economic climate,” said Congressman McNerney.

Small businesses serve as the backbone of our economy and are the leading American job growth engine.  They also play a vital role in hiring and training people in underserved communities all across the country.  There are many small businesses that want to grow and create jobs but find it challenging to accomplish those goals in the current lending climate. 

In our community, far too many people remain out of work through no fault of their own.  We must do more to address high unemployment rates both in our region and across the country.  The Small Business Relief and Job Creation Act will help to ensure that small businesses have the resources needed to succeed and expand,” said Congressman McNerney.  “I am committed to spurring economic growth in the Valley, and that starts with attracting new businesses as well as helping our current small businesses to thrive.”

Providing tax credits to these small businesses will help create job opportunities and grow the economy.

The specific provisions of the Small Business Relief and Job Creation Act are:  

·A tax credit of 7.5 percent of wages earned by an employee in 2014, and five percent in 2015, applicable to the first $75,000 of an employee’s salary

·A tax credit of 15 percent in 2014, and 10 percent in 2015, as above, in counties with an unemployment rate higher than the national rate

For a small business to be eligible to receive these credits, they must meet the following criteria: 

·Revenue of $20 million or less or no more than 100 full-time employees

New hires for which small businesses would receive these tax credits must:

·Be full-time employees working at least 30 hours per week

·Have been certified as eligible for unemployment compensation during the previous year

The Small Business Relief and Job Creation Act received the support of:

It appears that this legislation is a real attempt to attack from two directions.  It will help small businesses prosper and at the same time to assist qualified workers in getting back into the workforce.” – Doug Wilhoit, CEO, Greater Stockton Chamber of Commerce

Thank you, Congressman McNerney, for introducing the Small Business Relief and Job Creation Act and for always fighting to support small businesses. Small businesses need tax relief and this legislation will give tax incentives to small businesses for hiring unemployed workers. I welcome its passage.”  – Paulett Amous-Gross, President, African American Chamber of Commerce of San Joaquin County

The Small Business Relief and Job Creation Act has come at the right time. Small businesses are the innovators of job growth and providing them with tax incentives to employ workers can make a difference in our region.  Thank you, Congressman McNerney, for introducing this legislation.” – Dennis Lee, President, Central Valley Asian-American Chamber of Commerce   

The Small Business Relief and Job Creation Act is important for small business owners.  We need all the tax savings possible and this bill will help small business owners create more jobs.” – Dr. Derron Lee, owner of Midtown Optometry in Stockton

“The introduction of the Small Business Relief and Job Creation Act by Congressman McNerney is good news for small businesses and their employees. Legislation that incentivizes small employers with 100 employees or fewer to grow their businesses and create jobs will help strengthen our economy and move us further down the path to recovery. What’s more, this bill encourages small employers to hire workers who were previously unemployed, which will lower our unemployment rate, put more money in the pockets of consumers and bolster small employers’ bottom lines.” –  John Arensmeyer, Founder & CEO of Small Business Majority

The Small Business Relief and Job Creation Act is cosponsored by Reps. Napolitano and McLeod.

 

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