Obama Announces Steps to Aid Small Businesses

WASHINGTON (Reuters) - U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to borrow money, using $730 million in stimulus funds to cut lending fees, boost loan guarantees and expand other programs, officials said.

"We know that small businesses are the engine of growth in the economy," said Christina Romer, chair of the White House Council of Economic Advisers. "We absolutely want to do things to help them."

Romer, speaking on the NBC program "Meet the Press" on Sunday, said the government would pump "a significant amount" of money into encouraging small business lending but did not give a total figure.

Lawrence Summers, head of the White House National Economic Council, told ABC's "This Week" the small businesses plan was part of the president's overall effort to "put in place a program that addresses the crucial problems and permits (economic) stability to be regained."

The Obama administration believes small businesses, which accounted for about 70 percent of new job growth over the past 10 years, will ultimately drive the recovery from the current recession, one of worst in decades, a U.S. official said.

The programs being announced on Monday build on the $730 million for small businesses included in the $787 billion economic stimulus package approved by Congress last month.

"There are already a lot of things to help them in the recovery package," Romer told NBC. "Some of what will be coming out are things that were in the recovery package -- increasing the SBA (Small Business Administration) loan guarantees, lowering fees."

For more, visit Reuters.com.

Government Bailouts: Leave No Small Business Behind

With all the talk about government bailouts for some of our nation’s largest corporations, clearly one segment of the U.S. economy being left out is small businesses.

Small Businesses are in desperate need of a “bailout solution" designed to help them weather the nation’s current economic storm.

Like individual taxpayers, small businesses seem to be left to fend for themselves while corporations appear to be receiving blank checks – unless they are a Big 3 automaker.

The irony is that small businesses have been known to serve as the economic engine of the United States since its inception.

According to the National Small Business Association (NSBA), 70 million people in the U.S. either work for or are running a small business.

Other key issues sited by the NSBA:

 50% of small-business owners cite “economic uncertainty” as one of the most significant challenges they face to the growth and survival of their business

 Spikes in energy costs have negatively impacted 77 percent of small-business owners, according to the February 2008 NSBA survey.

 In 2008, only 38 percent of all small businesses were able to provide health insurance to their employees, down from 61 percent in 1993.

 Credit cards continue to be the largest source of financing for small businesses, yet 57 percent report that their credit card terms are worsening.

So, with all this tough news, what is a small business to do? One solution is to partner with a solid business accounting firm that specializes in small businesses and understands the unique challenges that go along with operating as a small business.

One model of such a firm is Optimum Tax & Accounting Services known as The Small Business Accounting Experts.

For businesses that – now more than ever – are looking for more ways and more time to grow their business and provide top quality customer service should make it a priority to invest in the services of a small business accounting firm.

With the current economic climate, the small business owner has enough to be concerned with without also having to worry about the order of their bookkeeping and meeting business tax obligations in a timely fashion.

An accounting firm like Optimum Tax & Accounting can provide payroll services; bookkeeping; monthly, quarterly and annual financial statements, business loan and line-of-credit application preparation assistance; business tax preparation and tax planning, business and marketing plan development and so much more.

The key benefit about Optimum’s services is that they are affordable with the small business owner in mind.

To begin taking advantage of a bailout solution with the small business owner in mind, contact Optimum Tax & Accounting Services for a free business consultation today.