Senate Passes Bill to Extend tax Cuts and Small Business Loan Guarantees

The American Workers, State and Business Relief Act, passed Wednesday . . . retroactively extends tax cuts for middle-class families and businesses that expired at the end of 2009. The bill passed by a vote of 62 to 36 and will be transmitted to the House of Representatives for consideration.

In addition, the legislation continues funding for loan programs for small businesses, extending funding to reduce or eliminate fees under the Small Business Administration's 7(a) loan guarantee program and the 504 loan program through the end of this year.