Small Businesses Cautious But Consider Hiring Increase
Small businesses nationwide are debating whether the time is right to add employees. Many are beginning to see an increase in business but are still cautious that the recovery isn't in full swing.
According to BusinessWeek.com reports, although recent surveys show an uptick in confidence among small business owners, that hasn't translated into an upswing in hiring. The national jobless rate remains lodged above 9 percent, and only about 500,000 private-sector jobs have been created in the first five months of the year. The slow pace of the recovery hasn't stopped President Barack Obama from continuing to trumpet the notion that small businesses are going to "be the engine of job growth." Over the past week, Obama has stepped up pressure on Congress to pass legislation he's been pushing for months meant to spark hiring by small employers. On June 15, the House approved the Small Business Jobs Tax Relief Act, which would provide tax breaks for small businesses to encourage them to create jobs. Separate legislation being considered in the House would create a $30 billion fund to increase community bank lending to small businesses.
Some of the Obama Administration's incentives to hire new employees are expected to help small businesses. Both the accelerated depreciation for taxes in Section 179 [of the tax code] and the Hiring Incentives to Restore Employment Act's tax credit for hiring unemployed workers, which took effect in March, will pay off for business owners looking to grow their employee base.
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