[Congressional Record (Bound Edition), Volume 156 (2010), Part 11]
[Senate]
[Pages 15562-15563]
[From the U.S. Government Publishing Office, www.gpo.gov]




                                SCHEDULE

  Mr. REID. Mr. President, following any leader remarks, the Senate 
will resume consideration of H.R. 5297, which is, as the leader has 
indicated, the small business jobs bill, with the time until 11 a.m. 
equally divided and controlled between the two leaders or their 
designees. At 11 a.m., there will be three votes relating to this bill: 
cloture on the Johanns amendment relating to 1099 forms. This is a 
commitment I made--that we would have a vote on his amendment. I think 
it is appropriate we do that. That will be a cloture vote, a 60-vote 
margin. We also have a vote that will occur on the Nelson of Florida 
amendment also relating to 1099 forms. It has changes that affect a 
number of people, but it is also something that I think is widely 
supported. I do not support the Johanns amendment, even though I have 
had conversations with him. He is the one who brought this to the 
attention of the Senate. I appreciate that. I think the Nelson 
amendment is better for the reasons Senator Nelson and others have 
talked about. It is an amendment that certainly gets to the heart of 
this issue as to who has to report.
  Finally, we will have a cloture vote on the substitute amendment to 
H.R.

[[Page 15563]]

5297, which is the small business jobs bill.
  This is one of the most important things we have done in recent 
months. I know we have been away for a month. There were some efforts 
to get to that before we left, but time constraints would not allow us 
to do that.
  This is an important piece of legislation. It is going to infuse 
community banks with money. The problem we have in America today is the 
big banks are doing great. We saw what happened in the stock market 
yesterday, and all reasons indicate the reason the stock market jumped 
like it did is because the big financial institutions are doing so 
well. They are doing well. They are loaning to big businesses. That is 
good. I am very happy they are doing that.
  Eighty percent of the jobs we lost because of this recession were 
small business jobs. That is where we have to get the jobs back, and we 
are not giving small businesses the opportunity to borrow money. That 
is why this bill is so important.
  People are estimating this will create from 500,000 to 700,000 new 
jobs because small business is the engine that drives our economy, and 
they need help. During this recess period, I was all over Nevada, of 
course. I went to a number of other States. It does not matter where 
you go. You see these little strip malls with ``For Lease'' signs. The 
reason is that small businesses that could continue their businesses if 
they could borrow the bucks for the inventory have not been able to do 
that. This bill will allow that to take place.
  Not only does it do that, but it gives other tax incentives to small 
businesses. For example, they will be able to write off purchases they 
make for equipment--not depreciate it but write it off. It is extremely 
important they are able to do that.
  We also have other tax breaks that allow some of these small 
businesses to do exporting, which they are anxious to do, and they get 
tax benefits for doing that.
  The Small Business Administration will be revitalized. They have 
programs that are working well, but their resources are gone. I have 
spoken with the head of the Small Business Administration. She is so 
anxious for this to pass. She has people waiting in her offices around 
the country to apply for these loans to get their businesses started or 
reenergized. This is an important piece of legislation.
  Following the vote on that substitute amendment, we will recess from 
12:30 p.m. to 2:15 p.m. to allow for our weekly caucus meetings.
  Finally, I ask unanimous consent that the filing deadline for second-
degree amendments be at 12 noon today.
  The ACTING PRESIDENT pro tempore. Without objection, it is so 
ordered.

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