News Summary: Obama Tax Credit For Small Business

By The Associated Press

OBAMA'S TAX PROPOSAL: The president's budget proposal for the fiscal year that begins Oct. 1 contains a 10 percent tax credit for small businesses that hire or give their current workers raises.

LESS MONEY FOR SBA: The budget allocates $810 million for the Small Business Administration, down 12 percent from the 2012 budget.

MORE LOAN HELP: The proposal includes a streamlining of the application process for SBA loans, a plan to increase the number of lenders who work with the SBA and renewed financing of mortgages under what are known as SBA 504 loans.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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