At the end of September, the President signed the Small Business Jobs Act (H.R.5297) into law, looking to provide support for small business owners and entrepreneurs across the country. Here's what it does:

Extension of SBA Recovery Loans

The Act provides an extension of the SBA Recovery Loan Program. The extension adds $14 billion in capacity to the program that has already lent $30 billion to small businesses nationwide.

Increase in maximum loan size for SBA programs

It creates a permanent increase in the maximum size of 7(a) and 504 loans from $2 million to $5 million, and the maximum 504 manufacturing related loan from $4 million to $5.5 million. It also temporarily increases the maximum size of SBA Express Loans from $350,000 to $1 million.

Small Business Lending Fund

The Act creates the $30 billion Small Business Lending Fund that provides capital to small banks for small business lending.

State Small Business Credit Initiative

This initiative distributes money directly to state small business support programs. It provides $1.5 billion of conditional funding and requires states to show that they can bolster the federal money with private lending equal to 10x the federal funds.

Small Business Tax Credits

There are eight small business tax credits included in the Act. The first cuts the capital gains rate on certain small business investments to 0%. The second increases and extends the ability to immediately expense capital investments. The third extends 50% bonus depreciation created in the Recovery Act. The fourth is a deduction for self-employed health benefits. The fifth allows an easier deduction of business cell phone plans. The sixth creates a temporary increase in the deduction that entrepreneurs can claim for startup expenses from $5000 to $10,000. The seventh allows small businesses to carry back general business expense credits for up to five years. And the final limits penalties for reporting errors that disproportionately affect