Kagen to discuss American Recovery and Reinvestmetn Act with local residents

Kagen to discuss American Recovery and Reinvestment Act with local residents
Rhinelander Daily News
April 1, 2009

Congressman Steve Kagen MD and representatives from area small businesses will be at the Best Western Crandon Inn & Suites on Tuesday, April 7 at 2:30 p.m. to help you, your family and your business. Kagen will discuss the numerous benefits in the American Recovery and Reinvestment Act (ARRA), and how you can take advantage of these opportunities. The public is invited to attend.

“We need to offer small businesses on Main Street the same treatment the past administration gave their friends on Wall Street," said Kagen. "Small businesses provide nearly 80 percent of new jobs and generate 50 percent of our gross domestic product. I am working hard to help small businesses grow our economy."

Kagen has announced details of an aggressive effort to unlock frozen credit markets for the Small Business Administration’s (SBA) major programs – the 7 (a) program and the 504 program. The 7(a) program allows small business owners to get loans of up to $2 million dollars with a substantial government guarantee. The 504 program is designed to provide a guarantee on up to $4 million in financing for major economic development projects that can be crucial for job growth and community development.

"The American Recovery and Reinvestment Act helps small businesses get the credit they need to survive and succeed. I am proud to be joined by lenders and experts from the Small Business Administration who will be my partners in this effort. Working together, we will build a better future for all of us."

The Recovery Act invests in our future by funding education, preventing teacher layoffs and other cutbacks in education. It establishes a State Fiscal Stabilization Fund, including a key investment in local school districts using existing funding formulas, which can be used to prevent cutbacks and layoffs, for school modernization, or other purposes. It will increase the higher education tax credit to a maximum of $2,500, and make it available to nearly four million low-income students who previously had no access to the higher education tax credit in the past, by making it partially refundable.

This transformational legislation will provide direct tax relief to 95 percent of American workers though a refundable tax credit of up to $400 per worker ($800 per couple filing jointly), phasing out completely at $200,000 for couples filing jointly and $100,000 for single filers.

The ARRA invests in modernizing roads and bridges, creating jobs in the short-term and at the same time provides for clean water, flood control and environmental restoration projects Recovery Act funding has already been announced for Northeast Wisconsin for housing, transportation, health care and veterans.