February began with quite a bang (and a bit of long overdue good news); first news came that unemployment had finally dropped and then President Obama announced his plans to encourage Congress to expand current lending programs for small businesses. A. Harrison Barnes, career coach

for EmploymentCrossing.com, says this is the single most effective method that will create new jobs quickly and will likely play a significant role in keeping the economy moving forward. So what exactly does President Obama hope to accomplish and how will it affect those looking for administrative jobs, nursing jobs or construction jobs?  Keep reading for the lowdown on creating the economic upswing.

In an effort of getting two proverbial birds with one stone, President Obama will encourage the Small Business Administration to make it easier for small businesses to refinance their commercial properties at lower rates and with the option of cashing out all or part of the property’s equity. The equity, hopes President Obama, will be used to hire new employees, expand a company’s offerings or even increase floor and warehouse space. This, says A. Harrison Barnes, is truly the definition of the American dream: being able to work for oneself while contributing to his community and taking advantage of the many opportunities in the U.S.

Currently, the maximum a small business can borrow under the SBA’s Express Loan Program is $350,000. President Obama’s proposal raises that maximum to $1 million. Naturally, there are guidelines, including the stipulation that a business’s current mortgage is current and that the funds be used to improve the business in some way or add new jobs. There are hundreds of thousands of small businesses around the country that could easily qualify.

His second proposal includes a $5,000 tax credit for every new job created in 2010 by small businesses. Critics hasten to remind us this could backfire on the Obama Administration. Small businesses could easily hire two, three or more employees for the credit only to lay them off, thereby creating a vicious cycle once again of unemployment, which, of course will wreak havoc on a still-struggling national economy. Finally, the president also suggested eliminating capital gains taxes for small businesses as well for calendar year 2010. It remains to be seen if this will receive congressional approval.

Still, those businesses that do take advantage of these recent incentives, provided they are approved, will likely be advertising their newly created positions on EmploymentCrossing.com. If you’re looking for a new and challenging career, it may be this is the right time. Although no one can be sure, it is estimated there will be an increase in office jobs, warehouse jobs and even part time jobs. Perhaps it will take a combination of several solutions to turn the locomotive known as the economy around; still, each new day appears to be brighter with a much clearer horizon to look to as proof.


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