It was an exciting day, September 17, 2010, the day President Obama signed the Small Business Jobs Act giving small business owners a long list of benefits which include tax breaks and better access to credit.

Why this is so important? Small Busnesses produce most of the new jobs in this country.  They are the anchor of our community.  They are part of the promise of America – the idea that if you’ve got a dream and you’re willing to work hard, you can succeed.  That’s what leads a worker to leave a job to become her own boss.  That’s what propels a basement inventor to sell a new product – or an amateur chef to open a restaurant.  It’s this promise that has drawn millions to our shores and made our economy the envy of the world.

The bill includes a series of small business proposals that the President put forth earlier this year, and small businesses will start benefiting from the bill on day one. Among the many important provisions in the bill, twelve of the top benefits to small businesses are:

1. Extension of Successful SBA Recovery Loan Provisions —Immediately Supporting Loans to Over 1,400 Small Businesses

2. A More Than Doubling of the Maximum Loan Size for The Largest SBA Programs

3. A New $30 Billion Small Business Lending Fund

4. An Initiative to Strengthen Innovative State Small Business Programs – Supporting Over $15 Billion in Lending.

Eight New Small Business Tax Cuts – Effective Today, Providing Immediate Incentives to Invest

5. Zero Taxes on Capital Gains from Key Small Business Investments

6. Extension and Expansion of Small Businesses’ Ability to Immediately Expense Capital Investments

7. Extension of 50% Bonus Depreciation

8. A New Deduction of Health Insurance Costs for Self-Employed

9. Tax Relief and Simplification for Cell Phone

10. An Increase in the Deduction for Entrepreneurs’ Start-Up Expenses

11. A Five-Year Carryback Of General Business Credits

12. Limitations on Penalties for Errors in Tax Reporting That Disproportionately Affect Small Businesses