Each depositor insured to at least $250,000 per insured bank

Home > Consumer Protection > Banking & Your Money > Small Business Lending

Small Business lending

Skip Left Navigation Links
Regulatory Measures
Capital Programs
Small Business Administration (SBA) Initiatives
Tax Credits for Small Business Hiring
State Small Business Credit Initiative - FAQ
Small Business Hotline
Business Assistance Form
Photo Essay: Overcoming Obstacles to Small Business Lending Forum

Tax Credits for Small Business Hiring  

The HIRE Act of 2010

President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010.  This $17.5 billion legislation is of particular interest to businesses as it included new tax benefits directly related to hiring employees and writing off investments in equipment.

The new tax incentives for businesses to hire unemployed workers included:

  • A payroll tax exemption of the employer’s share of Social Security taxes (6.2 percent) on wages paid to those workers after March 18, 2010.
  • An employer tax credit of up to $1,000 for each new worker who stays on the job for one year.

The new employees must meet these criteria in order to qualify for the business tax credits:

  • Hired between February 3, 2010 and January 1, 2011.
  • The newly-hired employee was unemployed during the 60 days prior to starting work, or worked fewer than 40 hours for someone else during the 60 day period.


Last Updated 01/06/2011 Business Assistance Form