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Job Creation


  • Submitted on 19 September 2011

    On September 7, 2011, before a joint session of Congress, President Obama outlined the details of the American Jobs Act. This act is a package of proposals designed both to spur employment but also has a number of provisions specifically of interest to MBEs. These include:

    • Extending the payroll tax cut to firms by cutting in half their payroll tax on the first $5 million in payroll. Next year, instead of paying 6.2 percent on their payroll expenses, firms would pay only 3.1 percent.

    • Extending a provision signed by the President in 2010 which would allow for 100 percent expensing through 2012. This rewards firms for making investments by allowing them to deduct the full value of those investments from their tax obligations.

  • Submitted on 15 September 2011

    President Obama and Joint SessionPresident Obama explained his proposal for putting creating jobs now and putting Americans back to work before Congress. In addition to giving the economy a shot in the arm with more money in the pockets of working Americans, his proposed American Jobs Act has several new ideas, backed by both Democrats AND Republicans, which are a win for businesses and employers. The President is focused on rebuilding the economy the American way, through the ingenuity and hard work of the American people.

    Businesses and employers stand to win under the President’s American Jobs Act in various ways.

    It offers tax relief:

    • A payroll tax cut for 98 percent of small businesses
    • A complete payroll tax holiday for added workers or increased wages
    • Extending 100 percent capital expensing into 2012
    • Reforms and regulatory reductions to help entrepreneurs and small businesses access capital
  • Submitted on 15 September 2011

    As Tax Filing Extension Deadlines Near, IRS and HHS Announce New Round of Outreach to Small Businesses and Practitioners

    As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the Department of Health and Human Services, is announcing a new round of outreach to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit to see if they are eligible.

    "As the filing deadlines approach, we want to make sure that small business owners don't leave any money on the table,” said IRS Commissioner Doug Shulman. “Small businesses that offer health insurance should learn about this credit and claim it if they are eligible."

    The small business health care tax credit was included in the Affordable Care Act enacted last year. Small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ 25 or fewer workers with average income of $50,000 or less.

  • Submitted on 15 September 2011

    The Treasury Department and Internal Revenue Service today requested public comment on a proposed affordability safe harbor for employers under the shared responsibility provisions included in the Affordable Care Act that will apply to certain employers starting in 2014.

    Under the Affordable Care Act, employers with 50 or more full-time employees that do not offer affordable health coverage to their full-time employees may be required to make a shared responsibility payment. Notice 2011-73, posted today on IRS.gov, solicits public input and comment on a proposed safe harbor, designed to make it easier for employers to determine whether the health coverage they offer is affordable. To that end, Treasury and IRS expect to propose a safe harbor permitting employers that offer coverage to their employees to measure the affordability of that coverage by using wages that the employer paid to an employee, instead of the employee’s household income. This contemplated safe harbor would only apply for purposes of the employer shared responsibility provision, and would not affect employees’ eligibility for health insurance premium tax credits.

  • Submitted on 15 September 2011

    President Obama announced a new policy that will accelerate payments to small business contractors so they can reinvest that money in the economy and drive job growth. 

    Small businesses are the primary engine of job creation and job growth across the country. However, in today’s economic climate many face tight budgets and limited resources. With these challenges in mind, last week in his address to Congress the President emphasized the need to take common sense steps to give small businesses the flexibility they need to invest and hire. And that is what we are doing today.

  • Submitted on 17 August 2011

    Business owners aren't always aware of all the resources the government makes available for them. For example, the Department of Commerce has tools to directly help companies at every point in the business life cycle. And we’re particularly focused on helping the small and medium-sized businesses that create over half of all new jobs.

  • Submitted on 08 August 2011

    Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses.

    Authorized under the Small Business Jobs Act of 2010, the new Intermediary Lending Pilot Program will provide direct loans up to $1 million to 20 community organizations or intermediaries in fiscal year 2011, which in turn will use those funds to help finance small businesses, mostly in underserved markets.

  • Submitted on 27 July 2011

    David HinsonFor over 40 years, the Minority Business Development Agency (MBDA) has facilitated job growth by fostering the development of minority-owned business here in the United States. Minority business enterprises (MBEs) create jobs in a variety of economic sectors, from manufacturing to hospitality services and everything in between.  

    To ensure that our country remains competitive in the future, we must ensure that minority-owned businesses are providing the jobs of the future. That’s why MBDA works to help minority-owned businesses participate in some of our fastest growing sectors including high-tech, healthcare IT, and green energy.

    Advancements in technology and new developments in information technology bring more opportunities in the tech sector. As healthcare providers improve and update the way they store and share medical records, there will be growing jobs in healthcare IT. Finally, as we transition from fossil fuels to cleaner modes of energy production, there will be more and more opportunities in the green, renewable energy solutions our children and grandchildren will come to rely on.

    These jobs may be updating our electrical grid, maintaining infrastructure, or manufacturing new materials, such as solar panels.

  • Submitted on 27 May 2011

    David Hinson

    MBDA Seeks Bids for Business Center Focused Exclusively on Federal Procurement

    The month of May has brought with it a number of announcements, news releases and opportunities of interest to the MBE constituency MBDA serves.  With this month’s newsletter I’d like to highlight two opportunities for your participation—one designed to create jobs and another intended to reform government rules. I’d also like to present new business statistics about Asian, Native Hawaiian, and Other Pacific Islander businesses.  

    Just last week, the Obama Administration announced the Jobs and Innovation Accelerator Challenge to promote innovation and job growth and advance our global competitiveness. The competition offers a total of $33 million in funding from three federal agencies and technical assistance from 13 additional agencies to promote the development of at least 20 industry clusters across the country. The U.S. Department of Commerce’s Economic Development Administration will be investing $10 million in funding and the Minority Business Development Agency (MBDA) will be supporting the program’s implementation.

    The goal of the program is to spur economic growth through public-private partnerships in 20 regions across the country.  Applicants to this federal funding opportunity will be considered based on their ability to demonstrate a focus and measurable outcomes on achieving sustainable economic growth in the region; augmenting business formation, especially of small businesses, and leveraging existing business assets; increasing exports; developing a skilled workforce through outreach, training and the creation of career pathways, and integrating historically underserved businesses and communities into the economic activities of the regional cluster. 

  • Submitted on 24 May 2011

    Regional innovation clusters are based on a simple but critical idea:  if we foster coordination between the private sector and the public sector to build on the unique strengths of different regions - while creating the incentives for them to do so - we will be better equipped to marshall the knowledge and resources that America needs to compete in the global economy.

    The $33 million Jobs and Innovation Accelerator Challenge that the Obama Administration announced yesterday will help capitalize on shared strengths, encouraging America's regions to plan more strategically to support long-term growth and an environment where the private sector can succeed.  It reflects an understanding by both private sector leaders and policymakers that we must implement strategies that capitalize on the full extent of regional assets and ensure that the benefits of cluster development extend to all workers and communities throughout the region.

Did you know...

MBDA Minority Business Centers helped clients obtain capital totaling $4.76 billion during the last 5 fiscal years.
Graph for Dollar Value of Capital

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