SBA Loan Changes

• A primary feature of the Act is that it doubles the maximum amount of money small businesses can borrow through the Small Business Administration. In addition, it allows small businesses to access larger amounts of credit through the SBA, which in turn will allow them to provide more jobs nationwide. The maximum amount that you can borrow on a 504 loan increased from $2 million to $5 million. SBA Express loans went from $350,000 to $1 million.
  
  

State Support

• The Act includes a measure aimed at supporting state small business loan programs. The act provides $15 billion in available lending funds with the hope states will loosen the purse strings and encourage small businesses to expand and hire workers.
  
  

Tax Cuts

• Small businesses are exempt from paying capital gains tax under the Act. In addition, the Act allows small businesses to write off up to $500,000 in capital investment expenses. The Act includes 16 total tax cuts to be phased in, according to the White House Blog website.
  
  

Self-Employed Health Insurance

• Self-employed workers can now deduct the cost of their health insurance premiums, as well as the costs to insure their immediate family members. The Act also allows small businesses to deduct the cost of cell phones used for business without the previously long complicated documentation process.