News Summary: Obama tax credit for small business

News Summary: Obama proposes tax credit for small businesses that hired, gave workers a raise

Associated Press
News Summary: Obama tax credit for small business

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President Barack Obama, accompanied by acting Budget Director Jeffrey Zients, speaks in the Rose Garden of the White House in Washington, Wednesday April 10, 2013, to discuss his proposes fiscal 2014 federal budget. (AP Photo/Susan Walsh)

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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