NJECPAC & NJ-IEC Partnering to Protect You And Your Business

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New Jersey, United States
NJECPAC is a Continuing Political Committee (CPC). A CPC is any group of two or more persons acting jointly, or any corporation, partnership, or any other incorporated or unincorporated association, civic association or other organization, which in any calendar year contributes to aid or promote the candidacy of an individual, or the candidacies of individuals, for elective public office, or the passage or defeat of a public question or public questions, lobby for the passage or defeat of certain legislative bills introduced in the NJ Legislature in accordance with N.J.S.A. 19:44A-8(b). A CPC is frequently referred to as Political Action Committee (PAC). The NJECPAC was formed to provide funding for legislative initiatives of its members and its member organizations representing the interests of Electrical Contractors, Small Businesses and Taxpayers throughout the State of New Jersey.

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Monday, September 27, 2010

Obama Scheduled To Sign $42 Billion Small Businesses Bill Today

Small Business Bill
Obama is scheduled to sign a $42 billion bill to aid small businesses today. The bill will offer about $12 billion in tax breaks and is expected to create 500,000 jobs, according to a summary of the bill from the Senate.
The Bill would authorize the creation of a $30 billion fund run by the Treasury Department that would deliver ultra-cheap capital to banks with less than $10 billion in assets.
The theory is community banks do the majority of lending to small businesses, and infusing funds into them will get money in the hands of Small Businesses.

  • 500,000 new jobs are expected
  • The Treasury Department would run a $30 billion fund to help deliver capital to small banks
  • The goal is for community banks to make credit more available to small businesses


One possible flaw in the bill is that this is not the first time money is going to banks in the hope that they will loan to small business. Businesses have had their credit lines drastically reduced or canceled over the last two years. The jury will remain out on the effectiveness of this bill until the money begins to flow out of the banks and into the hands of small businesses

Banks Take On Small Business Bill
Meanwhile some community banks and small businesses say the $30 billion lending program will do little to help them because small firms have put off expansion plans in the down economy. Many banks remain reluctant to use the federal program, fearing it will come with too much oversight. Read More

Credit Unions
On another note Credit Unions were bailed out in the dead of night over the weekend to the tune of $30 Billion Dollars. The claim is that none of the money will come from taxpayers. However, the money is insured by the FDIC which could put taxpayers on the hook for the money. Read More

AIG
Discussions are ongoing to convert the outstanding Government Bail Out to AIG to Common Stock. That would mean that the Government would own 90% of AIG which will effectively Nationalize the Company. Read More
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