The Small Business Jobs Act signed by the president in 2010 included 8 tax cuts and more than $12 billion in tax relief for small businesses. The president wants to add additional programs, such as, Startup America, an effort to spur job growth and new entrepreneurship. It is a continuing effort to boost the economy by enabling small businesses. Startup America would encourage investment in small companies and give tax credits for new hiring and wage increases. Efforts like this have apparent bipartisan support in the House and Senate, which shows the value of small businesses in the US economy. >>>Full Story Here.
The CPSC and Christmas Tree Shops have issued a recall for Holiday Tea Light Candle Warmers. These candle warmers can become a fire and burn hazard. The recall affects approximately 5,700 units in the U.S. >>>Full Story Here.
According to The National Association of Home Builders (NAHB), the number of improving housing markets in the U.S. nearly doubled in the month of January 2011. The National Association of Home Builders/First American Improving Markets Index shows 76 improving metropolitan housing markets, which is up from just 41 in December of last year. The list consists of many smaller markets, but large metropolitan areas, such as, Dallas, Denver, Honolulu, Indianapolis, Nashville and Philadelphia are showing improvement as well.
Treasury Secretary Timothy Geithner believes that the US economy will grow by 2% to 3% in this year. Geithner did admit that American businesses and consumers were still recovering from the 2008 financial crisis, but he does see steady upcoming growth for the economy. A renewed focus is being made on exporting American goods and supporting business investment in new equipment and software. The goal is to have a more efficient and well run business environment that will lead to sustained growth. >>>Full Story Here.
A recall has been issued by the CPSC and The Container Store for Lush Life Power Strips. The power strips can become a fire hazard due to faulty wiring. The recall affects approximately 7,200 units in the United States. >>>Full Story Here.
The National Association of Home Builders/Wells Fargo Housing Market Index shows home builders are becoming increasingly optimistic about the market for single family housing construction. The index surveys home builders to gauge their confidence in the home building industry. The survey was taken in December of 2011 and was at its highest point since May of the same year. This is the third month in a row this index has improved, the first time since the middle of 2009. >>>Full Story Here.
More positive signs are emerging for small business lending. Despite a previously rough lending market for American businesses, banks are beginning to give loans again. In 2009, Citi Bank only approved $4.5 billion in loans for small business owners, but that number increased to $6 billion in 2010. Citi has since pledged to lend $24 billion to businesses with less than $20 million in revenue from 2011 to 2013. It looks as though they are making good on their promise. Citi approved $7.9 billion in loans for small businesses in 2011 alone. Much of the rest of the banking industry is making similar pledges. This can only be a positive for the American small business and the economy in general. >>>Full Story Here.
A recall has been issued by the CPSC and Kaz USA for Honeywell Portable Electric Heaters. The heaters can detach at multiple places and become a burn hazard to consumers. The recall affects about 19,000 units in the United States. >>>Full Story Here.
The Obama administration has trimmed about 500 pieces of legislation regarding business regulations that affect American companies. Most of these cuts will take place within the next couple of years and impact large and small companies alike. Some of these business regulations are seen as outdated rules that adversely impede the American entrepreneur. It is estimated that businesses will save $10 billion from all of these rule changes in the next 5 years. >>>Full Story Here.