Obama Signs Bill: Business Owners Not Celebrating Yet - Newschannel 6 Now | Wichita Falls, TX

Obama Signs Bill: Business Owners Not Celebrating Yet

A new multi-billion dollar bill was signed on Monday by President Barack Obama.

It's aimed at helping small businesses expand and hire, in hopes of creating jobs through tax breaks and increased bank lending.

A lot of Texoma small business owners are a little skeptical about receiving money.

That's because 18 months ago stimulus money was available for business owners.  Despite trying, the Small Business Development Center in Wichita Falls reported that no small business who uses their resources got any of that money.

This new bill opens up $30 billion to them but local owners don't see a reason to celebrate just yet.

Business owner Brent Spray is a little cautious to say the least.

"Anytime you hear tax credits that means someone else has got to pay the bill," Spray said.

He and his wife Tammy own Yogurt Journey, a frozen yogurt shop.  They opened back in April and since then they've managed the store by their expertise and the help of the Small  Business Development Center, not the government

"We received nothing.  We did this on our own, with our own financial backing," said Spray.

For the most part they expect it to stay that way.  Despite the $30 billion fund President Barack Obama signed into existence, it includes tax breaks for small businesses and an increase in loan lending amounts, there is a certain amount of concern being voiced.

"The difficulty is gaining access to that money," said L.O. Nelson with the Small Business Development Center.

Nelson has analyzed the bill and knows that as difficult as it may be to get that money, once a business has it, they will see an immediate benefit.

"Some may want to expand, some may want to hire additional employees, some may want to add some more inventory," he said.

Right now Yogurt Journey doesn't know what the future holds, but they hope to continue, one topping at a time.

"It's been a business that has a lot of rewards, not just financially, but we get to see customers."

L.O. Nelson advices business owners to be in contact with their bank to find how they can benefit from it and to essentially get in line for this money.  

The legislation will provide $56 billion worth of tax cuts over the next 12 months and businesses will be eligible for faster write off expenses.

Crystal Hall News Channel 6

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