Washington, DC -- The US Pan Asian American Chamber of Commerce Education Foundation (USPAACC Education Foundation) has issued a statement regarding the $787 billion American Recovery and Reinvestment Act, signed into law by President Barack Obama, to help revitalize the moribund economy:
“We are encouraged by the prospects of the economic stimulus initiative signed into law by President Obama, as it contains provisions that will help reinvigorate small and minority businesses--and hopefully ensure long-term economic growth for our constituency,”
According to the Congressional Budget Office, the stimulus package contains approximately $308 billion for appropriations, $267 billion in direct spending, and $212 billion tax relief for individuals and businesses. The bill also seeks to save or create about 3.5 million jobs, while modernizing and improving the nation’s infrastructure through “shovel-ready”
Among the stimulus bill’s measures to help small and minority businesses include: Emergency bridge loans and reduced fees for SBA-backed loans; tax incentives for small companies for equipment expenditures;
“We remain optimistic that the path to our country’s economic recovery will be led by innovators and workers from the small and minority business community. USPAACC Education Foundation reassures our constituency that we will continue to stand at the forefront of this recovery effort by working assiduously to create and push for procurement opportunities for small and minority businesses in the government and private sectors. That will in turn create jobs--a strength the small and minority business community has demonstrated so well for several decades,” Allen said.
