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ICBA Applauds Sen. Kerry for Advancing a Small Business Economic Stimulus Bill

Three ICBA-backed Provisions Included in the Measure

Washington, D.C. (Jan. 28, 2008)—The Independent Community Bankers of America (ICBA) applauds Senate Small Business Committee Chairman John Kerry (D-Mass.) for introducing the Small Business Stimulus Act of 2008 (S. 2553).

“ICBA applauds Sen. John Kerry for introducing S. 2553 and for focusing economic stimulus on small business, a sector that is at the foundation of the nation’s economy,” said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Financial Group, Inc., Toluca, Ill. “S. 2553 includes three ICBA-backed provisions that give community banks tools to spur growth in our communities. As the Senate considers adding additional provisions to the House stimulus package announced last week, these small business enhancements would be extremely helpful.”

Sen. Kerry’s legislative provisions will immediately free up resources and capital for individuals, small businesses and community banks including:

  • Increasing small business expensing;
  • Improving net operation loss tax treatment by extending the carryback from two years to five;
  • Lowering Small Business Administration loan fees for lenders and borrowers.

ICBA looks forward to working with Sen. Kerry to further advance the items in S. 2553 and provide additional means for communities to boost economic growth.

Read about ICBA’s own nine-point plan to stimulate the economy.