House clears $30 billion small-business measure

06/17/2010 | Wall Street Journal, The · Reuters · Google

The House has approved a $30 billion government fund available to community banks to increase lending to small businesses -- a move expected to help create jobs and spark economic growth. While House Democrats project that banks would use the fund to leverage up to $300 billion in loans, Republicans criticized the bill as another bailout for banks that would do little for small businesses. The measure, which would also combine jobless aid for the long-term unemployed and renew dozens of popular tax breaks for businesses and individuals, now goes to the Senate.

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