The biggest provision of the The Small Business Jobs and Credit Act, and the one that gets the most attention, is the $30 billion loan provision. But there’s actually a lot that can help you.

The President last week signed into law the Small Business Jobs and Credit Act, which gained notoriety for establishing a $30 billion loan fund. However, there is more to the Act that could help small businesses. USA Today last week highlighted some of these lesser-known provisions:

  • Sole proprietors can write off health insurance premiums as business expenses this year. Note: Don’t miss this one because it lapses after one year!
  • No fees on SBA loans and increasing SBA guarantee to 90% (from 75%). This should make SBA loans cheaper, and somewhat easier to get.
  • Substantial increase in SBA loan amounts, which should help medium-size and larger small business gain access to bigger loans under the SBA program.
  • Zero capital gains taxes on investment in small business. If you’re looking for investors in your business, this could be a BIG selling point. Note: this only applies to C-corporations and stock h as to be acquired by January 1, 2011 – so act fast!
  • Doubling the write-off of certain investments and allowing “expensing” of some real estate improvements. This is most likely to benefit mid-size businesses buying more than $250,000 of new equipment or software. Also, restaurants and retailers making property improvements can now use the Section 179 expensing rules for those improvements.
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