US Senators and Small Businesses
Massachusetts
John Kerry – Democratic
Incumbent Since: 1/3/1985
SMB Policies/Laws Passed:
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- Created and improved the Microloan program, which serves women and minorities, helped increase access to working capital from $15 billion in 1998 to $24.5 billion in 2006 for small businesses, strengthened the nationwide Women’s Business Centers (WBC) through his sustainability legislation, and created a loan program to help reservist entrepreneurs maintain their small businesses while they are serving on active duty.
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- Successfully included a small business healthcare tax credit provision, providing financial incentive and tax relief for small businesses that offer health insurance to their employees, in President Obama’s healthcare reform bill.
Scott Brown – Republican
Incumbent Since: 2/4/2010
SMB Policies/Laws Passed:
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- Co-sponsored the Small Business Savings Account Act, which would allow an entrepreneur to accumulate up to $10,000 per year in a tax-free account like an IRA. Once he or she decided to start a small business, the money could be withdrawn to pay for equipment, office space, marketing, legal fees and other major expenses.
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- Cosponsors the American Opportunity Act, which provides a tax credit to promote investments in high-tech start-ups across different economic sectors.
Nevada
Harry Reid – Democratic
Incumbent Since: 1/6/1987
SMB Policies/Laws Passed: Set up a vote for a small business lending bill that would provide $12 billion in tax breaks and expand credit access for small businesses through a $30 billion lending fund.
Dean Heller – Republican
Incumbent Since: 5/9/2011
SMB Policies/Laws Passed:
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- Argues that Obama’s healthcare legislation harms small businesses because owners are unable to hire employees due to healthcare requirements and in some cases cannot cover the employees they already have.
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- Desires laissez-faire business practices and believes the government places too many regulatory burdens on small businesses
New Jersey
Frank Lautenberg – Democratic
Incumbent Since: 1/3/2003
SMB Policies/Laws Passed:
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- Voted in favor of the Small Business Jobs Act.
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- Fought hard for the reauthorization of the Small Business Innovation Research (SBIR) program, which he believed would bolster the creation of new jobs.
Bob Menendez – Democratic
Incumbent Since: 1/18/2006
SMB Policies/Laws Passed:
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- Strong supporter of Small Business Lending Fund Act of 2010.
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- Introduced the Credit Retains Employees And Triggers Economic (CREATE) Growth and Jobs Act, which would make $20 billion in TARP funds available over two years for small businesses to borrow directly from the Small Business Administration.
