Obama proposes help for small businesses

From First Read:

"If we're going to rebuild this economy from the bottom up, then it has to start with our small businesses on Main Street. I see some of them right along here -- not just the big banks on Wall Street," he told the crowd of 5,000 here.

In addition to eliminating capital gains taxes on investments in small businesses and start-ups, ideas that are already part of his stump speech, Obama proposed today using the Small Business Administration's (SBA) Disaster Loan Program to extend affordable, fixed-rate loans directly to small businesses, as it did after September 11th. His plan would expand SBA guarantees to encourage private lending to small firms by temporarily eliminating fees for borrowers and lenders and increasing the guarantee rate on private loans and he proposes extending through 2009 a temporary provision to increase tax benefits for small businesses that was included in February's economic stimulus bill. That provision is set to expire in December.

The Democratic nominee, who is trying to convince voters that he is the best candidate to lead an economic recovery and look out for the middle class, also sought to make it clear that his tax plan would not lead to increases for 98% of the small business owners, who he said make less than $250,000 a year.