I had the chance to interview the chairman late on Friday afternoon. As I am not a reporter from a major national publication or a local news outlet Ohio, the fact that the chairman of the interview suggests that the importance of communication with the small business is to it.
wantedmake The answers below are from the Congressmen. Text in italics is not the congressman, but also provide context for the question or comments.
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What the SBC can do SBA Loan program efficiencies [1945011zufördern?]
In our conversation, Congressman spoke about the frustration of his constituents with the SBA loan application process . He mentioned that many of his constituents had days to spend applying the Arrangement, and then wait for weeks or even months to hear back on the status of their application.
SBA loan processing is time and labor intensive, but it need not be. We live in a time when technology makes things to make every day more efficiently. The SBA needs to work with our committee to modernize its processes and improve. Take for example, electronic signatures. Only in January this year that the SBA started electronic signatures to accept, which means that if you have applied for an SBA loan this time last year hardcopy signatures for all the necessary documents - and there are a lot of documents. To update the way we can process basic processes like these, the ability of a lender impact to hire a contractor, they may not have otherwise. Make the process less bureaucratic and more business friendly is the goal, and the committee are actively looking for ways to make that happen.
are the 7 (a), and 504 SBIC Program zero cost to the taxpayer?
Congressman Chabot is known to be a fighter against wasteful government spending. I asked him if the SBA to cost loan schemes taxpayers money. He put two answers to this question. The under (technically that the SBA loan program is not the taxpayer cost money) and a more sophisticated response. He pointed out that there is an opportunity cost for the loan program. When the government guarantees tens of billions of dollars in loans, creating a potential future liability if these default loans. In other words, the program is not currently cost taxpayers money, but there is the potential for it cost the taxpayers in the future, which is why he is responsible emphasizes oversight of programs critical.
At present, all these programs work with zero cost. The SBA loan programs are designed without operating costs for the taxpayer, because the cost of programs to manage the fees of lenders and borrowers are charged reaching the zero subsidy rate. In fiscal 2015, more money, the 7 (a) loan program actually operated in a negative subsidy rate, ie it brought than was necessary to cover the cost of the program. When this happens, the Congress has the flexibility to actually lower prices for the program, which is exactly what we have this week for veterans.
What simple steps can nonpartisan Congress take life easier make small business?
During our discussion § 179 of the Tax Code came. This section of the tax code allows companies to deduct the purchase of assets such as heavy machinery and trucks at an accelerated rate. Basically, it's closer ties if the business spends money for these purchases, and if the company can deduct the purchase as a business expense. Unfortunately expired this provision of the Tax Act recently, and many small businesses did not know if it would be extended retroactively. held as a result, many small business off on purchases and possibly missed get better deals for the purchase of equipment.
uncertainty is in the biggest obstacle in my opinion for growth. If a business owner does not know what will be their tax bill next year or even this year, they can not plan for the future. The Small Business Committee understands this and is working on guidelines, which creates a certain degree of security for small businesses again. For example, earlier this year, the House of Representatives adopted H. R. 636, the Small Business Tax Relief Act. This bill makes § 179 of the tax code permanently so that small businesses can up to $ 500,000 investment in new plant and property per year in income. This simple provision is often passed at the 11th hour, and applied retroactively to have completely defeats the purpose primarily the incentive. This bill has not yet reached the Senate, but I am confident it will, and I encourage all your readers to express their support for this measure.
Chairman Steve Chabot, House Small Business Committee
Chairman Steve Chabot has first served proudly on the House Small Business Committee since 1994
While his time in Congress elected to Congress, he has made small business growth and job creation a top priority. Chabot served as senior member of the Small Business Committee 07-08. During the 113th Congress, he also served as chairman of the Foreign Subcommittee on Asia and the Pacific, where he expand on the development of new markets and trade opportunities for American companies. He has also served as chairman of the Foreign Subcommittee on Middle East and South Asia and prior to that was Chief Justice Subcommittee on the Constitution for six years.
Chabot is a proud 1971 graduate of Cincinnati LaSalle Secondary School. He earned his undergraduate degree from the College of William and Mary, and then returned to teach in the West End, while studying at Northern Kentucky University Salmon P. Chase College of Law in the evening to Cincinnati in the St. Joseph School.
He and his wife, Donna, live in the Cincinnati neighborhood of Westwood. They have two children, Erica and Randy, and are the proud grandparents of Reed.
are wondering how to get an SBA loan? Click here to get our free guide:
As for a SBA loan request
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