AP News

News Summary: Obama tax credit for small business


OBAMA'S TAX PROPOSAL: The president's budget proposal for the fiscal year that begins Oct. 1 contains a 10 percent tax credit for small businesses that hire or give their current workers raises.

LESS MONEY FOR SBA: The budget allocates $810 million for the Small Business Administration, down 12 percent from the 2012 budget.

MORE LOAN HELP: The proposal includes a streamlining of the application process for SBA loans, a plan to increase the number of lenders who work with the SBA and renewed financing of mortgages under what are known as SBA 504 loans.


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